Arcelormittal Sa (EU:MT)
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By Nathan Allen
Thyssenkrupp AG (TKA.XE) and Tata Steel Ltd. (500470.BY) on Monday named the board members for their planned European steel joint venture.
Andreas Goss, who is currently chief executive of Thyssenkrupp's steel division, will become CEO of the new company, while Tata Steel Europe CEO Hans Fischer will serve as deputy CEO and chief technology officer, the companies said.
Tata Steel's Group Executive Vice President for Finance Sandip Biswas will become chief financial officer and Thyssenkrupp Steel Europe CFO Premal Desai will become Chief Strategy Officer, the companies said.
By merging their respective European steel businesses, Thyssenkrupp and Tata plan to create Europe's second-largest producer of flat steel products and gain the scale to take on market leader ArcelorMittal (MT.AE).
The tie-up is currently subject to an in-depth investigation by the European Union's antitrust regulator, which harbors concerns that the deal would reduce competition in the sector.
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(END) Dow Jones Newswires
December 17, 2018 07:06 ET (12:06 GMT)
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