After 18 months of negotiations, Tata Steel and Thyssenkrupp, which has locations throughout Mexico and North and South America, have become partners. The two firms have signed a memorandum of understanding (MoU) to create a 50:50 joint venture based in Amsterdam, Netherlands, called Thyssenkrupp Tata Steel (TTS).
It has been reported that TTS will have an annual steel capacity of 21 million tons, generating sales of EUR €15 billion (USD $17.8 billion) and employing 48,000 people. TTS will focus on three main production hubs: Ijmuiden in the Netherlands, Duisburg in Germany and Port Talbot in South Wales.