When Thyssenkrupp and Tata Steel formally agreed a merger in 2018, one key rationale was the defence of both businesses against a flood of cheap steel from China. But the European Commission, worried about the impact on consumers and industry, blocked the combination the following year.
Six years later, Tata is in the process of closing its last integrated UK steelworks. Thyssenkrupp, whose shares have fallen by two-thirds, has announced plans to axe 11,000 out of 27,000 jobs across its steel business.
Although the failed merger is far from the only reason for their current troubles — worldwide overcapacity, flagging demand and high energy costs are the main culprits — serious debate has begun in Brussels about how EU competition policy can better support industrial policy.