ThyssenKrupp defends merger talks with Tata Steel

German conglomerate ThyssenKrupp on Saturday defended merger talks with Indian rival Tata Steel saying the consolidation of the sector in Europe was necessary due to the "difficult economic situation". The Indian firm said Friday it was in talks with its German competitor and other unnamed groups to create a large European steelmaker but did not give further details. Tata has been considering seven bids for its UK assets since putting them up for sale in March, citing a global oversupply of stee