7/4/2018, 8:13 AM (Source: TeleTrader)
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Tata CEO: We will succeed in Europe despite protectionism

Indian steel giant Tata's chief executive officer Natarajan Chandrasekaran stated on Wednesday, in an interview for German Handelsblatt, that he is confident the new joint-venture between Tata and Thyssenkrupp will be a big success despite the rising protectionism in Europe.

Present on the European market for years, Tata already employs thousands of people in the Netherlands and the United Kingdom, and the company's chief executive believes a high demand for steel in Europe will ensure growth. Also, he stated that the new joint venture will be more efficient and will be able to provide customers with a better product. When asked about Brexit and its potential effect on the business, Chandrasekaran noted that it is first necessary to see if Europe will be faced with a hard or soft Brexit scenario, adding that he is optimistic the new European steel giant is prepared for either outcome.

Indian steel company Tata Steel signed an agreement with the German giant Thyssenkrupp on Saturday to enter a merger with an equal share of 50% in a new joint venture called Thyssenkrupp Tata Steel B.V. The deal is still waiting for the approval by the European lawmakers. Should the merger be approved by the European regulators, it is expected to create approximately 48,000 jobs in the UK, Germany, and the Netherlands.

Breaking the News / SS