<article>Germany’s <a style="color: #000080;" href="http://dealstreetasia.com/tag/Thyssenkrupp" target="_blank">Thyssenkrupp AG</a> on Thursday said it is continuing discussions with <a style="color: #000080;" href="http://dealstreetasia.com/tag/tata-group" target="_blank">Tata Group</a>-controlled <a style="color: #000080;" href="http://dealstreetasia.com/tag/tata-steel" target="_blank">Tata Steel Ltd</a> for a potential joint venture in Europe.</article>

Germany’s <a style="color: #000080;" href="http://dealstreetasia.com/tag/Thyssenkrupp" target="_blank">Thyssenkrupp AG</a> on Thursday said it is continuing discussions with <a style="color: #000080;" href="http://dealstreetasia.com/tag/tata-group" target="_blank">Tata Group</a>-controlled <a style="color: #000080;" href="http://dealstreetasia.com/tag/tata-steel" target="_blank">Tata Steel Ltd</a> for a potential joint venture in Europe.
In July, Tata Steel had said it had entered into talks with companies, including diversified industrial conglomerate Thyssenkrupp, on a possible joint venture in Europe, after reviewing bids on the UK assets that the Indian steelmaker had planned to sell.
“We have clearly stated that we are in talks and that continues,” Guido Kerkhoff, chief financial officer at Thyssenkrupp told Bloomberg in an interview. “I don’t want to comment on any details on what we are discussing,” he said, replying to queries whether propositions made before Brexit still stands.
Tata Steel’s proposed sale of its UK assets was delayed as a natural fallout of Britain’s vote to exit the European Union, or Brexit.
The Tata Steel spokesperson declined to comment.
On 30 March, Tata Steel announced plans to sell its UK steel assets, including the Port Talbot steel-making facility in Wales, in a bid to cut losses that had been piling up because of a crash in steel prices and competition from cheap imports. The decision put 15,000 jobs at risk.
Subsequently, the company started seeking bidders for the UK assets it acquired through its 2007 purchase of Corus Group Plc. for $12.9 billion.
The sale of UK assets is critical for Tata Steel as these assets have been making a daily loss of £1 million. For the March 2016 quarter, Tata Steel reported a quarterly loss of Rs.3,213.76 crore as it took a write-down on the value of some of its European assets.
In July, Tata Steel said the asset bids were considered on the basis of their commercial value and “prospects for the future sustainability of the UK business for a range of stakeholders,” as well as the uncertainties caused by the UK referendum last month.
However, Tata Steel had cautioned that there was no guarantee that the company will find success in forging tie-ups with companies for its entire European business.
“Such success, especially the inclusion of the UK business in the potential joint venture, would depend on several issues including finding a suitable outcome for the British Steel Pension Scheme, successful discussions with the UK trade unions and the delivery of policy initiatives and other support from the Governments of the UK and Wales,” said Koushik Chatterjee, group executive director and Tata Steel’s executive director for Europe.
“These are necessary for realizing a sustainable business in the UK. The management team and the employees of the company are also continuing to improve the underlying performance of our European business which is very encouraging. We continue to be actively engaged with both the UK and the Welsh Governments, the trade unions and the Pension Trustees,” Chatterjee said.
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/tata-steel-seeks-alternatives-to-uk-asset-sale-46948/" target="_blank">Tata Steel in JV talks with Thyssenkrupp for Europe business</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/tata-steel-in-talks-to-take-stake-in-thyssenkrupps-europe-steel-unit-paper-36088/" target="_blank">After putting UK ops on block, Tata Steel eyes stake in Thyssenkrupp’s Europe unit</a>
<h4>This article was first published on<a href="http://www.livemint.com/Companies/EJdCZpVdC54JdtzIQ3bs1O/Thyssenkrupp-still-in-talks-with-Tata-Steel-for-possible-JV.html" target="_blank"> Livemint.com</a></h4>

Germany’s Thyssenkrupp AG on Thursday said it is continuing discussions with Tata Group-controlled Tata Steel Ltd for a potential joint venture in Europe.

Germany's Thyssenkrupp still in talks with Tata Steel for possible Europe JV

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Germany's Thyssenkrupp still in talks with Tata Steel for possible Europe JV

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