The Tata Steel board approved a 50:50 joint venture in Tata Steel’s European steel business and the conditions for the speak AG construction.
The board has also decided to sign the agreement. It follows a Memorandum of Understanding (MoU) in September 2010, Tata Steel said on filing BSES.
According to the filing, the formal execution of scheduled contracts is expected soon.
Among the two major steel companies worldwide, the proposed JVT Steve Technology will combine ThyssenKrupp and Tata Steel’s European steel operations to produce Europe’s second largest steel after Laxmi N Mittal’s Arcelor Mittal.