Sept. 20 (UPI) -- India's Tata Steel and Germany's ThyssenKrupp have signed a memorandum of understanding to merge their European operations on Wednesday, a statement from the Indian company said.
The statement from Tata Steel notes that the venture would be focused on quality and technology leadership and supplying premium and differentiated products to their customers, with an estimated annual revenue of around $18 billion. The headquarters will be in Amsterdam with more than 48,000 employees.