China's top steel maker China Baowu Steel Groups move is in line with Beijing's goal push to relocate heavy industries from polluted and crowded regions to places with less environmental pressure.
Thyssenkrupp's joint venture with Tata Steel - to be named Thyssenkrupp Tata Steel - will have around 48,000 workers and about 17 billion euros in sales.
In a lawsuit filed Wednesday the American Institute for International Steel and two of its member companies argue that the US president’s tariffs on steel and aluminum imports are unconstitutional.
The company's withdrawal means all eyes are now on Fortescue, which still has a 19.9%-stake in Atlas and has not yet disclosed whether it plans to launch a rival bid or sell its holding into Hancock’s offer.