Business Top Stories

To Relieve EU Concerns, Tata Steel And ThyssenKrupp Offer Concessions

The European Commission recently stated that Tata Steel and ThyssenKrupp are offering concessions. Both the firms took this move to deal with the EU antitrust concerns regarding their projected steel joint venture. Reportedly, the EU competition regulator did not present detailed information on the concessions. However, he disclosed that the deadline for its decision on the deal is extended to June 5, 2019, from May 13, 2019. Earlier, it has expressed concerns regarding the agreement’s impact on steel for car parts, packaging including aerosol & food cans, and electrical steel for engineering products such as transformers.

Tata Steel might sell divisions of its European packaging activities, Tata Steel Europe. Reportedly, this division is engaged in the production of packaging steel for paint, food, and aerosol cans. This move by the firm would be a part of this package of concessions, about three individuals known with the topic told Reuters last month.

On a similar note, ThyssenKrupp came into the news as its plant engineering business is offered an engineering, procurement, and construction (EPC) deal. Reportedly, this deal is presented by El Nasr Company For Intermediate Chemicals (NCIC), an Egyptian-based firm, for a novel fertilizer complex in Cairo, Egypt. The latest contract is priced in the mid-3-digit million euro range. The firm is supposed to execute the project in association with Petrojet, an Egypt-based company.

The novel fertilizer factory is supposed to be built in Ain El Sokhna, which is a town situated about 100 Km south–east of Cairo and near to the present NCIC phosphatic and compound fertilizer complex. Marcel Fasswald, CEO, ThyssenKrupp Industrial Solutions, proclaimed that the firm holds a successful joint venture with Egypt stretching back over 160 Years. He added that this long connection with Egypt assures great potential for the upcoming period as well.

By Gladys Torres

Professional experience and impressive talent in writing and editing blogs and articles related to business and markets have made Gladys join our News Portal at the position of editorial team manager. She started her career as a business analyst in an industry, where she successfully spent 6 years and provided huge potential to the industry to expand its business. Due to huge experience and knowledge, she is given the name of ‘business encyclopedia’ by the whole staff at our News Portal.

Leave a Reply

Your email address will not be published. Required fields are marked *