Germany-based Thyssenkrupp is expecting finalisation of its joint venture with Tata Steel by end of 2018.
"Talks with the UK labour unions are on and it's an ongoing process but we expect closure of the JV (deal) by end of this calendar year," Jens Overrath, chief executive officer of Thyssenkrupp Electrical Steel (Europe) told reporters on the sidelines of an event held at its Nashik plant .
Overrath was here to announce its cold rolled grain oriented (CRGO) electrical steel product line.
Last year, Thyssenkrupp had announced plans to combine its European steel unit with that of Tata Steel to create Europe’s second largest steel player. The proposed merger is aimed at tackling surplus capacity in the steel sector.
Thyssenkrupp has a sizeable presence in India with electrical steel plant making 35,000 tonnes of CRGO, which would be expanded to 50,000 tonnes in coming years.
Through the CRGO product line at Nashik, Overrath aims to cater to not just the India market but also the neighbouring countries like Thailand, Sri Lanka and Indonesia.
"Asia is a big market for us and about 15 percent of our total Europe production comes to this region. Of this, India is the biggest grain oriented steel market in Asia. Due to this, setting up a plant here for this product line makes a lot of sense, "Overrath said.
Thyssenkrupp steel division is one of the world's leading manufacturers of non-oriented high tech electrical steel.
Source: Business Standard and Metaljunction