September 20, 2017 / 4:58 AM / a year ago

Thyssenkrupp says steel JV stake to be consolidated at equity

FRANKFURT, Sept 20 (Reuters) - Germany’s Thyssenkrupp will account for its 50 percent stake in a steel joint venture with Tata Steel using the at-equity method once the planned deal closes, flattering its balance sheet, it said on Wednesday.

“When the joint venture comes into effect, this will bring about a significant improvement in key balance sheet ratios for Thyssenkrupp AG, most notably in the equity ratio and in gearing (ratio of net financial debt to equity),” it said.

Thyssenkrupp and Tata Steel earlier announced they had signed a memorandum of understanding to combine their European steel operations. (Reporting by Georgina Prodhan; Editing by Christoph Steitz)

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