September 26, 2018 / 11:38 AM / 8 months ago

EU regulators to rule on Thyssenkrupp, Tata Steel venture by Oct. 30

Germany's ThyssenKrupp CEO Heinrich Hiesinger and Chairman of Tata Steel Natarajan Chandrasekaran pose at a joint news conference after signing a final agreement on Saturday to establish a long-expected steel joint venture, in Brussels, Belgium July 2, 2018. REUTERS/Francois Lenoir

BRUSSELS (Reuters) - EU antitrust regulators will decide by October 30 whether to allow Germany’s Thyssenkrupp (TKAG.DE) and India’s Tata Steel (TISC.NS) to create Europe’s No. 2 steelmaker, the European Commission said on Wednesday.

The companies unveiled their plan for a steel joint venture in July after two years of talks, the sector’s biggest tie-up in more than a decade. Steelmakers are battling overcapacity and tariff hikes among other problems.

Thyssenkrupp and Tata Steel sought EU approval on Tuesday, according to a filing on the Commission website. Regulators can either wave the deal through with or without demanding concessions or open a full-scale investigation if they have deeper concerns.

The new entity, to be based in the Netherlands, will compete with ArcelorMittal (MT.AS).

Reporting by Foo Yun Chee; Editing by Elaine Hardcastle

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