Displaying items by tag: ThyssenKrupp

UK: Henrik Adam has been appointed as the chief executive officer (CEO) of Tata Steel Europe. He succeeds Hans Fischer, who has decided to step down from the post. Fischer will continue as a non-executive director and will continue to advise TV Narendran, CEO and managing director of Tata Steel. Adam will also join the board of Tata Steel Europe and report to TV Narendran.

Adam joined Tata Steel Europe in 2011 as Chief Commercial Officer. Prior to this he held a wide range of roles at ThyssenKrupp including CEO of ThyssenKrupp Electrical Steel. He has also been a director of EEF (now called Make UK), the UK’s manufacturers’ organisation, and chairman of WorldAutoSteel, the automotive group of the World Steel Association. Born in Essen Germany, Adam is a mechanical engineer who started his career as a scientist in vehicle safety technologies.

Belgium: The European Commission (EC) has blocked the creation of a joint venture between Tata Steel and ThyssenKrupp. It said that the merger would have reduced competition and increased prices for different types of steel. It added that the parties did not offer adequate remedies to address these concerns.

“Steel is a crucial input for many things we use in our everyday life, such as canned food and cars. Millions of people in Europe work in these sectors and companies depend on competitive steel prices to sell on a global level. Without remedies addressing our serious competition concerns, the merger between Tata Steel and ThyssenKrupp would have resulted in higher prices. So we prohibited the merger to avoid serious harm to European industrial customers and consumers,” said Commissioner Margrethe Vestager.

The proposed joint venture would have combined the flat carbon steel and electrical steel activities of ThyssenKrupp and Tata Steel in the European Economic Area (EEA). ThyssenKrupp is the second largest producer of flat carbon steel in the EEA while Tata Steel is the third largest. Both companies are significant producers of metallic coated and laminated steel for packaging applications and of galvanised flat carbon steel for the automotive industry.

Italy: Finland’s Tapojärvi has signed a contract to supply slag handling and metal recovery services at ThyssenKrupp’s Acciai Speciali Terni steel mill. Tapojärvi Italia will build a slag-handling unit and then start to produce and develop slag-based products. The contract consists of two-year period of building the unit and 10 years of operating time with additional option for another 10 years of operations.

“We have innovative and cost efficient solutions to meet the challenges steel mills have around the world. We productise industrial by-products and develop new business opportunities around these materials all the time,” said Mari Pilventö, the chief executive officer (CEO) of Tapojärvi Oy.

Europe: Tata Steel and ThyssenKrupp have signed agreements to merge their European steel businesses in a 50/50 joint venture. This follows the signing of a Memorandum of Understanding in September 2017. The proposed new company will be named ThyssenKrupp Tata Steel. The transaction is subject to merger control clearance in several jurisdictions, including the European. Until the merger completes, ThyssenKrupp Steel Europe and Tata Steel in Europe will still operate as separate companies and as competitors.

“The joint venture will create a strong pan European steel company that is structurally robust and competitive. This is a significant milestone for Tata Steel and we remain fully committed to the long-term interest of the joint venture company. We are confident that this company will create value for all stakeholders,” said Natarajan Chandrasekaran, chairman of Tata Steel.

Europe: Tata Steel and ThyssenKrupp have signed a Memorandum of Understanding to create a European steel company by merging their flat steel businesses in Europe and including ThyssenKrupp’s steel mill. The proposed 50:50 joint venture will have its headquarters in Amsterdam and will be able to supply around 21Mt/yr of flat steel products.

“The Tata Group and ThyssenKrupp have a strong heritage in the global steel industry and share similar culture and values. This partnership is a momentous occasion for both partners, who will focus on building a strong European steel enterprise. The strategic logic of the proposed joint venture in Europe is based on very strong fundamentals and I am confident that ThyssenKrupp Tata Steel will have a great future,” said N Chandrasekaran, the chairman of Tata Steel.

The merger will create the region’s second largest steel producer after ArcelorMittal. Cost synergies of up to Euro600m/yr are expected through the integration of commercial functions, research and development and other supporting activities. In addition to this, ThyssenKrupp Tata Steel would seek to improve capacity utilisation of the network across the three hubs of Ijmuiden in the Netherlands, Duisburg in Germany and Port Talbot in the UK and their related downstream facilities.