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Another milestone on our waytowards the new Joint Venturehas been reached.

Tata Steel and thyssenkrupp have today decided on the members of the futureManagement Board for the planned European steel Joint Venture between thetwo companies.

Andreas J. Goss, currently Chief Executive Officer (CEO) ofthyssenkrupp‘s Steel division, will be the future Chief Executive Officer (CEO) of the planned Joint Venture. In this role, he will position the new Joint Venture thyssenkrupp Tata Steel in the European market. Before joining thyssenkrupp in 2012, Gossheld a number of international management assignments within Siemens in the USA and Great Britain. In his most recent function, he was Chief Executive responsible for Siemens UK and the region North-West Europe.

Hans Fischer will be the Deputy CEO & Chief Technology Officer (CTO) of the Joint Venture and responsible for research and development. Fischer studied mechanical engineering at Eindhoven university and embarked on this professional career when he joined the then steel company Hoogovens. In 2001 he became technical Managing Director of Salzgitter where he was appointed member of the Executive Board later on. In 2010, he took over as CEO of thyssenkrupp Steel Americas. Since 2012, Hans Fischer has been CTO of Tata Steel Europe and was appointed CEO in 2016.

Premal A. Desai will be the Chief Strategy Officer (CSO) of thyssenkrupp Tata Steel. In this position, he will be responsible for the integration of the two companies, digitization as well as the development of the business model. Desai studied business administration and economics and then worked for ten years for the management consulting firm Boston Consulting Group. He joined thyssenkrupp in 2006 and became member of the Management Board of thyssenkrupp Steel Europe AG in 2015.

Sandip Biswas is the designated Chief Financial Officer (CFO) of the Joint Venture. Biswas was born in 1968 and studied economic sciences at Calcutta university. After working many years in the financial services sector, Biswas joined Tata Steel in 2005 where he held various executive functions. Biswas is currently Group Executive Vice President Finance, and is closely involved in the European steel business of Tata Steel.

Apart from the above appointments, it is planned to announce the next management level for the Joint Venture early in the new year. The Management Board and the future top leadership team will be responsible for the planning and execution of the post merger integration and the long term business strategy after the planned Joint Venture has received the necessary regulatory approvals and after closing.

Until the completion of the Joint Venture process, thyssenkrupp Steel Europe and Tata Steel in Europe will continue to operate as separate companies and as competitors and the incumbent organisation of the respective companies will continue to operate as currently. The members of the designated Management Board will continue in their existing roles within their businesses until the formation of the Joint Venture post all regulatory approvals.

The most important facts in brief

New strong #2 in Europe

thyssenkrupp and Tata Steel have signed a contract to form a 50/50 joint venture. After the closing, the new company will have sales of 17 billion euros, shipments of 21 million tons per year and employ 48,000 people. The aim is to achieve quality and technology leadership.

One company – one management

Board will consist of 4 members, 2 from thyssenkrupp and 2 from Tata Steel. Andreas J. Goss prospective new Chief Executive Officer (CEO). Hans Fischer prospective Deputy CEO & Chief Technology Officer (CTO). Sandip Biswas as Chief Financial Officer (CFO). Premal A. Desai prospective Chief Strategy Officer (CSO).

Codetermination retained

The codetermination structures will be retained. The joint venture will have a European Works Council. In addition an Employee Executive Committee (EEC) will be established with 3 employee representatives each from thyssenkrupp Steel Europe and Tata Steel Europe who will regularly discuss strategic issues with the Management Board.

Solid business perspective

The new company is financially well positioned. Annual synergies of 400-500 million euros are expected. The new company will achieve these synergies e.g. through joint purchasing incl. logistics services, higher equipment utilization and reduced administrative expense.

Significant value growth

The joint venture is the only solution that creates significant additional value of around 5 billion euros for thyssenkrupp and Tata Steel, based on substantial synergies that neither of the companies would be able to realize on its own – clear value growth for each of the individual companies.

Valuation gap closed

Differences in the performance of the two partners resulted in a valuation gap. An appropriate solution has now been reached: In the event of an IPO thyssenkrupp will receive a higher share of the proceeds – a 55/45 split in favor of thyssenkrupp. thyssenkrupp can decide alone on the timing of a possible IPO.

TV Narendran, CEO  and Managing Director of Tata Steel

I firmly believe that the designated Management Board has a strong combination of industry and leadership experience needed to ensure asuccessful and sustainable future for the proposed thyssenkrupp Tata Steel Joint Venture. This marks an important step forward in our preparations towards establishing the planned Joint Venture.

T.V. Narendran, CEO and Managing Director of Tata Steel
Guido Kerkhoff,  CEO of thyssenkrupp

The future Management Board is the right choice to build a strong number two in the European flat steel market. I am fully convinced that this Board will successfully lead the integration of the Joint Venture given their extensive technical and operational expertise as well as their broad intercultural experiences. They will optimally set up the joint venture to address future challenges of the industry and meet the needs of the customers.

Guido Kerkhoff, CEO of thyssenkrupp

Good reasons for the joint venture


We will be a powerful new no. 2 on the European flat steel market – and therefore much stronger. That is why past mergers (e.g. Krupp-Hoesch, Thyssen and Krupp-Hoesch) have made us more successful.


We will focus on what we know best: steel. That will give us better opportunities to invest and grow. For example we are strong in the automotive sector, Tata Steel Europe with industrial customers.


Today thyssenkrupp and Tata are working separately on the same or similar innovations. By combining our expertise in the future we will be able to develop new products or better processes faster and more cost-efficiently.


In the future we will have a Europe-wide production network. That will enable us to manufacture our products close to our customers, which will make us more dependable, faster and less expensive.


We are strong in Germany, and together in the future we will be strong throughout Europe. That will give us much broader access to customers and markets.


As part of a powerful joint venture, thyssenkrupp’s steel operations will be much more sustainable in an environment characterized by highly volatile prices and constant restructuring at all European steel companies.

Message from the Board

Natarajan Chandrasekaran

“At the center of this exciting new partnership lie trust and a shared philosophy characterized by responsibility towards employees and society. The joint venture is a new milestone on the road to a sustainable future for the European steel industry and will help secure long-term jobs in the steel sector.”

Natarajan Chandrasekaran
Chairman Tata Sons and Tata Steel

Andreas Goss

“The joint venture will make us a new powerful number 2 in Europe. The tie-up will improve our position – thanks to better access to customers and regions. We will optimize our product offering, better utilize our equipment and profit from combining our research capabilities. In addition we will be able to reduce our costs, for example through joint purchasing.”

Andreas Goss
CEO thyssenkrupp Steel Europe AG

Tekin Nasikkol

“After two years of uncertainty the workforce now finally has clarity. We have engaged with the process critically. The interests of the employees are our top priority. With the collective agreement “Way Forward for Steel” the foundation has been created, with employment and site guarantees until 2026 and the promise of investment. After presenting the joint venture as the best option, the Board now has to prove it can shape the future of a big new European steel company successfully. The interests of the employees must come first – we’ll work hard to ensure they do.”

Tekin Nasikkol
General Works Council Chairman Steel Europe

Sören Link

“This is a good day for steel in Duisburg, the employees of thyssenkrupp and their families. With today’s decision the collective agreement “Way Forward for Steel” comes into force. There will be no compulsory redundancies before 2026. Finally there is clarity and certainty for all employees at Europe’s biggest steelmaking site. Of course I will remain closely engaged with the further process and naturally I am sure that the agreements and contracts between IG Metall and the employer will be fulfilled.”

Sören Link
Mayor of Duisburg

Stephanie Brandebusemeyer

“I think the tie-up with Tata Steel Europe represents an opportunity for us: After the closing we will be getting insights into a company similar to ours and will be able to engage with new colleagues to find the best solutions for the challenges ahead. As a change manager I am personally looking forward to the integration phase. It will be exciting to forge something new together from different companies and cultures!”

Stephanie Brandebusemeyer
Change Manager,
Technical Services & Energy (TSE), Duisburg

Bianca Hakens

“I am Dutch and I’m really excited about working together with our new colleagues. Even though we are neighbors there are definitely cultural differences. It’s good that we know about them so that we can avoid misunderstandings. For example, people from the north of Holland are very direct. Face-to-face that won’t be a problem, because people from the Ruhr area are also direct. But the Dutch are also direct when they write – and that may come across to Germans as rude, even though it’s not intended that way. Germans are also very rules-oriented, while Dutch people look more for a pragmatic solution. I’m not saying one is better or worse than the other, it just means there’s a lot of scope to learn from each other.”

Bianca Hakens
Team Leader, Sales Auto, Duisburg

Andreas Lewandowski

“I’ve been with thyssenkrupp Steel for 36 years. I started with an apprenticeship at Estel-Hüttenwerke Dortmund. When we split from the joint venture with Hoogovens we were also uneasy at first. Then there were further mergers. All in all I’d say they’ve gone very well for us. Of course there were changes – lots of people had to transfer to different sites, me included, but nobody was made redundant. I can’t stop the merger anyway, but I can support it in a positive way. It’s important that we get everyone on board through face-to-face meetings to create trust and confidence.”

Andreas Lewandowski
Plant Manager, Business Unit Coating, Dortmund

Eric Meurer

“It’s very exciting for me as an apprentice – I’ve never experienced a merger before. I’m glad to have the works council on my side. The collective agreement they negotiated gives me security. But I still wonder what will happen to us young people. What are our prospects of being kept on after our apprenticeship in the merged company? It will be interesting to see how things pan out.”

Eric Meurer
Apprentice industrial clerk, Business Unit Packaging, Andernach

Our milestones

What happens next?
Memorandum of Understanding (MoU)

thyssenkrupp and Tata Steel signed a memorandum of understanding to combine their European steel activities in a 50/50 joint venture on September 20, 2017. That means a new joint company is to be established in which thyssenkrupp and Tata will hold equal interests.

Due diligence

The negotiating partners granted each other access to business documents to the extent permitted between competitors. In addition internal and external experts exchanged information on specific topics. In parallel with the due diligence, the first concrete contract negotiations took place with Tata.

Collective agreement “Way forward for Steel”

The company and the codetermination representatives agreed on a collective agreement on December 21, 2017. The members of the IG Metall union at the German sites approved this negotiation result by a clear majority. The collective agreement will come into force at the start of the joint venture and remain valid until September 30, 2026. It includes the following points:

• Site safeguards until at least 2026 - profitability analyses will be carried out for individual operations at the end of 2020.

• Employment safeguards until 2026. The announced reduction of up to 2,000 jobs at Steel Europe will be made in a socially responsible way.

• Investment at the sites will remain at the current level: the target is for at least 400 million euros per year.

• Existing codetermination structures will be retained (incl. coal and steel codetermination at thyssenkrupp Steel Europe AG). Decisions relating to the German sites will continue to require the approval of the German bodies.

• Existing apprentice and further training capacities will be retained.


thyssenkrupp and Tata Steel signed the contract to establish a joint venture with the name thyssenkrupp Tata Steel B.V. on June 30, 2018.

Regulatory examination

The examination by the authorities – which must approve the establishment of the joint venture – begins.

Announcement of the new board

Tata Steel and thyssenkrupp have decided on the members of the future Management Board for the planned European steel Joint Venture between the two companies.

Carve out

The steel business will be carved out of the thyssenkrupp Group and prepared for the joint venture.


Following approval by the antitrust authorities the contract will be closed and the new company established.


The step-by-step integration of the two companies begins.

Questions & Answers

What impact will a joint venture have on jobs?

The new company is financially well positioned.

Annual synergies of 400-500 million euros are expected. The new company will achieve these synergies e.g. through joint purchasing incl. logistics services, higher equipment utilization and reduced administrative expense. But even with the joint venture the steel business will be unable to avoid job cuts. In the joint venture as a whole it is expected that up to 2,000 administrative jobs and possibly up to 2,000 jobs in production will have to be cut in the coming years. These reductions would be shared roughly evenly between thyssenkrupp and Tata. So overall up to 2,000 jobs at thyssenkrupp could be affected. The agreement between thyssenkrupp and the IG Metall union provides employment safeguards up to September 30, 2026. That means that the previously announced necessary reduction of up to 2,000 jobs will be carried out as in the past in a socially responsible way. The existing apprentice and further training capacities will be retained and thus form a cornerstone for the success of the joint venture.

Will all processes and investments now be put on ice until we know where the journey will take us?

We will continue to do our best.

We will go on with processes such as daproh Steel, and we will continue to invest in our equipment and projects. Our business is not coming to a standstill. However, we will also be reviewing our major investment projects to ensure our resources are put to the best use in our partnership. Under the collective agreement between thyssenkrupp and IG Metall, investments will continue to be made in the German sites at the present level. The aim is to invest at least 400 million euros per year, which will be used among other things to upgrade production equipment.

Why did the process from memorandum of understanding to signing take so long?

We took the time required by a transaction of this size.

It was important to us to develop a sustainable solution with the employee representatives. Tata achieved this for the Netherlands and the UK, as we did for Germany. For this we were prepared to accept that the process took longer than originally indicated.

Could the joint venture still fail?

With the signing thyssenkrupp and Tata Steel have created the contractual basis for a joint venture.

So we are confident that we can establish a joint venture. The tie-up must now be examined thoroughly and independently by the responsible authorities. That is only right and proper. We must await the result of these examinations.

More information


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We have put together all our press releases for you here:

Still have questions? Contact us at:

Press release of June 30, 2018

Press release of April 12, 2018

Press release of December 21, 2017

Press release of September 20, 2017

Complete recording of the press conference (July 02, 2018) is available here.

Summary of the press conference (September 20, 2017) is available here.

Complete recording of the press conference (September 20, 2017) is available here.

More information at


Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.

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