The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal and to join forces in the face of the surge of Chinese steel.."We prohibited the merger to avoid serious harm to European industrial customers and consumers," EU competition commissioner Margrethe Vestager said in a statement.Brussels: The EUs powerful anti-trust authority on Tuesday blocked the merger of German industrial conglomerate Thyssenkrupp with Indian steel giant Tata, an expected veto that kills Wholesale 8.8 DIN933 ZINC HEXAGON BOLT M10 the deal,Tata Steel reported consolidated revenue of Rs 1,172 billion and consolidated underlying EBITDA of Rs 79 billion, down 16 per cent and 39 per cent, respectively, from a year ago.. Tata Steel's reported gross debt of Rs 862 billion at March 2016 rose by only Rs 55 billion from March 2015 levels despite capital expenditure of Rs 115 billion and weak operations during the year.

"Ratings on Tata Steel (Ba3 negative) and Tata Steel UK Holdings (B3 negative) remain unchanged at this point in time despite their weak operating results for the full year ended March 2016," Moody's said in a statement.dc-Cover-u7g8igl0jlgik693m1292rgc00-20160412135917.. "The proposed sale of the long products business to Greybull Capital (unrated) and the company's intention to sell its UK business are credit positive, although there is no immediate impact on our ratings or outlook," said Chaubal.Medi_.The global ratings agency in February downgraded credit ratings of Tata Steel by two notches to Ba3 from Ba1. "We estimate consolidated adjusted leverage of 8. Its European operations reported revenue of Rs 674 billion and underlying EBITDA loss of Rs 6 billion, down 16 per cent and 115 per cent, respectively, for fiscal 2016.