EU regulators to rule on Thyssenkrupp, Tata Steel venture by October 30

The companies unveiled their plan for a steel joint venture in July after two years of talks, the sector's biggest tie-up in more than a decade.

Germany's ThyssenKrupp CEO Heinrich Hiesinger and Chairman of Tata Steel Natarajan Chandrasekaran pose at a joint news conference after signing a final agreement on Saturday to establish a long-expected steel joint venture, in Brussels. (Photo | REUTERS)

BRUSSELS: EU antitrust regulators will decide by October 30 whether to allow Germany's Thyssenkrupp and India's Tata Steel to create Europe's No. 2 steelmaker, the European Commission said on Wednesday.

The companies unveiled their plan for a steel joint venture in July after two years of talks, the sector's biggest tie-up in more than a decade. Steelmakers are battling overcapacity and tariff hikes among other problems.

Thyssenkrupp and Tata Steel sought EU approval on Tuesday, according to a filing on the Commission website. Regulators can either wave the deal through with or without demanding concessions or open a full-scale investigation if they have deeper concerns.

The new entity, to be based in the Netherlands, will compete with ArcelorMittal.