Thyssenkrupp interim CEO junks reports of breakdown in JV deal with Tata Noor Arora
Thyssenkrupp's interim chief executive dismissed speculation that it would pull out of its steel joint venture with India's Tata Steel in the wake of management upheaval at the German industrial conglomerate. Last week, media reports said the implementation of the landmark deal, signed in late June, was stalling over the sudden departure of Thyssenkrupp's CEO Heinrich Hiesinger, the main architect of the transaction. "The contrary is the case," Guido Kerkhoff told Reuters on the sidelines of a company event in Duisburg on Thursday. "We are continuing to implement the joint venture with Tata Steel with all our strength." The deal will create Europe's second-largest steelmaker after ArcelorMittal and is expected to close at the end of this year or in early 2019, giving Thyssenkrupp a way to cut capacity in the volatile steel market.
ARTICLE SOURCE: BS