{"id":3797,"date":"2018-10-30T18:13:36","date_gmt":"2018-10-30T18:13:36","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/tata-and-thyssenkrupp-steel-merger-faces-eu-probe\/"},"modified":"2018-10-30T18:13:36","modified_gmt":"2018-10-30T18:13:36","slug":"tata-and-thyssenkrupp-steel-merger-faces-eu-probe","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/tata-and-thyssenkrupp-steel-merger-faces-eu-probe\/","title":{"rendered":"Tata and ThyssenKrupp steel merger faces EU probe"},"content":{"rendered":"\n
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\"SteelImage copyright<\/span>
\n EPA<\/span><\/p>\n

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Image caption<\/span>
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\n Steel worker takes a steel sample at a blast furnace run by ThyssenKrupp in Duisburg, Germany
\n <\/span>
\n <\/figcaption><\/figure>\n

Brussels will open an in-depth investigation into the planned merger of Tata Steel and ThyssenKrupp, saying it could cut competition.<\/p>\n

The European Commission said it was concerned that customers would face higher prices and fewer suppliers if the merger was allowed to go ahead.<\/p>\n

The deal includes the UK’s biggest steelworks, at Port Talbot in Wales, and has been welcomed by unions.<\/p>\n

It would create Europe’s second-biggest steelmaker after ArcelorMittal.<\/p>\n

The Commission said it was concerned that combining Tata and ThyssenKrupp’s European carbon steel and electrical steel businesses could result in market dominance. <\/p>\n

“Steel is a crucial input for many of the goods we use in our everyday life, and competitive steel prices are vital for the European economy,” said Competition Commissioner Margrethe Vestager.<\/p>\n

A Thyssenkrupp spokesperson said an in-depth probe was to be expected given the size of the deal and that it would continue to work closely with the Commission.<\/p>\n

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Image copyright<\/span>
\n Getty Images<\/span><\/p>\n

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Image caption<\/span>
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\n Port Talbot is the UK’s biggest steelworks
\n <\/span>
\n <\/figcaption><\/figure>\n

Some asset sales may be needed to win approval for the merger.<\/p>\n

Although Moody’s said the combined venture would account for just 14% of European crude steel production, far behind ArcelorMittal’s 29%, another industry expert said it would have about half the packaging steel, or tinplate, market.<\/p>\n

The merged firm would be called Thyssenkrupp Tata Steel and be based in the Netherlands. <\/p>\n

It would have annual revenues of about \u20ac15bn (\u00a313bn) and 48,000 employees across 34 sites, producing about 21 million tonnes of steel a year.<\/p>\n

Brussels now has 90 working days, until 19 March, to reach a decision.<\/p>\n

Tata employs almost 7,000 people in Wales, including more than 4,000 in Port Talbot.<\/p>\n

When the proposed deal was announced in June,<\/a> Roy Rickhuss, of steelworkers’ union Community, said measures including a commitment to avoid compulsory redundancies until October 2026 meant it “had the potential to safeguard jobs and steelmaking for a generation”.<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright EPA Image caption Steel worker takes a steel sample at a blast furnace run by ThyssenKrupp in Duisburg, Germany Brussels will open an in-depth investigation into the planned merger of Tata Steel and ThyssenKrupp, saying it could cut competition. The European Commission said it was concerned that customers would face higher prices and … <\/p>\n","protected":false},"author":0,"featured_media":3798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3797"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3797\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/3798"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}