The European Commission in a statement by Commissioner Vestager confirmed that they have prohibited the proposed joint venture between Tata Steel and ThyssenKrupp.
The EC investigation showed that the merger would have led to higher prices for steel products that are used as inputs by the packaging industry and car manufacturers and that this would have harmed European competitiveness in these sectors and led to higher prices for consumers buying canned food or cars. They reported that the companies did not offer remedies that fully address their competition concerns.