World Economy

Tata Steel Seeking JV

Tata Steel Seeking JVTata Steel Seeking JV

India’s Tata Steel said it had entered discussions with industry players including Germany’s ThyssenKrupp over a possible joint venture for its European operations, as a potential alternative to selling off the UK business, AFP reported. Tata Steel has been considering seven bids for Tata’s UK assets, which were put up for sale in March because of a global oversupply of steel, cheap imports into Europe, high costs and currency volatility. But it said continuing questions over pensions and the “uncertainties” caused by Britain’s vote to leave the EU had caused it to look at “alternative and more sustainable portfolio solutions for the European business.”