Deals
Tata Steel in Venture Talks With Thyssenkrupp on Europe Business
- Company to start separate sale of specialty steel, pipe mill
- Indian steelmaker looking for alternatives after Brexit vote
Vapor rises from cooling towers at the steel works operated by Tata Steel in Port Talbot, U.K.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Tata Steel Ltd. has entered into talks with companies including Germany’s Thyssenkrupp AG on a possible joint venture in Europe, after reviewing bids on the U.K. assets that the Indian steelmaker had planned to sell.
Talks are preliminary, the Mumbai-based company said in a statement after a board meeting Friday. Tata said the asset bids were considered on the basis of their commercial value and “prospects for the future sustainability of the U.K. business for a range of stakeholders,” as well as the uncertainties caused by the U.K. referendum last month.