According to report, Thyssenkrupp and Tata Steel’s joint venture plan might fail based on the sources. Tata Steel share price dropped by 7% on Friday (May 10th).

It was the latest plan to become Europe’s second largest steelmaker after ArcelorMittal. However, this plan could not be successful because of concerns about the competition.

EU antitrust regulators said the deal might result in higher steel prices and might try to block it unless both companies supplied better concessions.

Thyssenkrupp said it saw some extent that the deal with European antitrust regulators could be approved but it was reported that the deal could be blocked.

The JV was announced last June, the biggest change in European steel industry. It was to be named as Thyssenkrupp Tata Steel, which had around 48,000 employees and was expected to have sales value by 17 billion euros.