German steel giant ThyssenKrupp has said the European Commission was "too far-reaching and wrong" in blocking a merger with Tata Steel. ThyssenKrupp has filed a complaint against the Commission's decision.
German industrial giant ThyssenKrupp on Thursday said it had filed a complaint with an EU court against the European Commission for blocking its plan to merge with Indian group Tata Steel.
In June, the Commission vetoed the deal, saying the proposed merger would have "reduced competition and increased prices for different types of steel."
The EU's executive arm also found that the potential solutions put forward by ThyssenKrupp and Tata Steel were insufficient to address the problems.
"We regret the European Commission's decision and regard it as too far-reaching and wrong," said Donatus Kaufmann, a member of ThyssenKrupp's board. "That is why we are filing a complaint."
Thyssenkrupp filed the complaint with the General Court of the European Union (EGC), saying that it "does not share these concerns" and that "the Commission has for the first time set out a restrictive market definition that unduly extends the scope of the existing competition law."
The company also claimed the European Commission had failed to take into "adequate account the structural importance of imports into Europe."
"Overcapacities and high import pressure from Asia create an environment in which the planned joint venture with Tata Steel would not have impaired competition," Kaufmann said.
The European steel industry has been hit by a wave of problems, including overcapacity, cheap Asian imports and harsh US tariffs.