ThyssenKrupp

German heavy industry giant ThyssenKrupp and Indian group Tata agreed Wednesday to merge their steel operations in Europe, taking second place in the continent's market behind ArcelorMittal.

India has drawn up a shopping list for tens of billions of dollars of foreign fighter jets, armored vehicles, submarines and helicopters but it will only sign the cheques if they are made in India.

The European Commission has hiked 'anti-dumping' duties on imports of hot-rolled flat steel products from China already in place. The decision has angered Beijing, which has promised to respond.

The duties on the Chinese steel products have been increased to 22.6 percent from 13.2 percent following a complaint from EU producers ArcelorMittal, Tata Steel and ThyssenKrupp.

France on April 26 beat off competition from Germany and Japan to win an Aus$50 billion ($39 billion) contract to design and build Australia's next generation of submarines, a decision Tokyo called "deeply regrettable."

The German steel giant ThyssenKrupp is considering to expand its business in Bulgaria and is interested in the conditions offered by the National Company Industrial Zones.

This was discussed at a meeting between Bulgarian Economy Minister Bozhidar Lukarski and representatives of the executive board of the company in Germany on Friday.

Germany's ThyssenKrupp will pay 2 million euros of compensation to Turkey as the company has not even begun to produce the submarines, though the company had agreed to make the first delivery in 2015, sources say.

Construction of three Type 214 submarines, which has been stymied by technical snags, legal disputes and corruption probes, will be completed in the next couple of years, the Hellenic Navy has said.