CAPTION: Thyssenkrupp headquarter in Essen, Germany. (picture alliance/Revierfoto/Revierfoto/dpa/archive)
The planned merger between the European ventures of German industrial giant Thyssenkrupp and India's Tata Steel will address the problems of overcapacity in the steel industry, the head of Thyssenkrupp said on Monday, ahead of an official signing ceremony.
The merger was announced on Saturday, following more than two years of negotiations. If approved, it will create Europe's second largest steel producer with 48,000 employees.
It comes at a time when global steel markets are dealing with huge overcapacity issues. "We strongly believe this is an ideal combination for European steel businesses," said Thysssenkrupp chief executive Heinrich Hiesinger. "We will give a perfect answer to the challenges the industry has right now by forming a new steel champion here in Europe."
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