The German steelmaker Thyssenkrupp will sell its plants in Spain and Belgium for the approval of the European Union in its alliance with Tata Steel of India.
The two companies announced last year to create a joint venture company that will become the second largest steel producer in the world with a workforce of 48,000 workers and business around 15,000 million euros a year.
According to the European Union's concern over the new company's power in control the supply and the prices of market, both companies are working to alleviate this concern, so Thyssenkrupp proposed divestments of its plants in Spain and Belgium.
Thyssenkrupp currently has a workforce of 5,100 workers and a turnover of around 1,250 million euros per year in Spain.
Source from Yieh Corp |
