Tata Steel Ltd, an Indian steel company, said it supports the logic of forming a joint venture with the largest German concern ThyssenKrupp, a few days after the two companies submitted their proposals to the European Commission endorsing the proposed partnership.
“ We continue to have a constructive dialogue with the European Commission and believe that our proposals are aimed at solving this problem, and still support the industrial logic of forming a joint venture ,” a spokesman for Tata Steel told Reuters in email.
Tata Steel and ThyssenKrupp have proposed to merge their steel operations in Europe, aiming to become the second largest steel producer in the region. However, the deal was not approved by the European Commission due to concerns that it could limit competition in steel markets for automotive parts, engineering products, and packaging materials.
According to a new offer, which has not yet been released, both companies will sell a number of their divisions across Europe in line with the Commission's antitrust criteria, Reuters reported last month.
The European Commission will consider the proposals by June 5.
