Looking to realign its presence in Europe following the U.K.’s Brexit vote on June 23, India-based steel producer Tata Steel is in talks with German-based ThyssenKrupp AG and the British government about a possible joint venture for the European market.
Tata Steel UK had been trying to sell its large steelmaking facility in Port Talbot, Wales, due to a slow European steel market and stiff competition from China-made steel. But with the U.K.’s vote to pull out of the European Union casting the future of the U.K.’s steel industry further into doubt, Tata said it opened talks with ThyssenKrupp on July 8—and now also is working with the U.K. government—to keep the plant open under a new joint venture.