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Tata Steel today 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.
"However, there can be no guarantee that these talks will result in a definitive agreement between the parties," it added. The company put it on record that Tata Steel UK is also deeply engaged with all relevant stakeholders in the UK to find a structural solution and a way forward with regard to the affordability of the legacy pension scheme liabilities. Tata Steel said it is pursuing a separate process for the potential sale of the South Yorkshire-based Specialty Steels business in the UK.