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Tata Steel in talks for European JV as UK assets sale paused

Tata SteelLtd. is in preliminary discussions with potential partners,including Germany's ThyssenKruppAG, to explore the possibility of a joint venture for its Europeanoperations, it said July 8.

The company decided to temporarily the sale of its major U.K. assetsdue to uncertainty following the Brexit vote and pension fund liabilities.

Tata said the talks are in initial stages and there is noconfirmation of a deal as of yet.

"A potential strategic combination of strip productsbusinesses offers the best prospects to create a premium, world-class stripsteel business," said the company's executive director forEurope, Koushik Chatterjee.