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Tata Steel said it continues to pursue European consolidation strategy and is in talks with ThyssenKrupp AG for potential JV for European steel business, following purported disclosure from ousted chairman Cyrus Mistry that some group firms could face a potential write-down of USD 18 billion.
"In response to the recent media reports, Tata Steel would like to clarify that it continues to pursue its European consolidation strategy and the talks with ThyssenKrupp AG (as announced on July 8, 2016) for a potential joint venture of its European steel business are currently ongoing and progressing," Tata Steel said in a BSE filing.