Fiscal year 2019 (FY19) will see Tata Steel Ltd turn into a rather different company, compared to how it exited 2018. The anticipated moving of its European steel business to a joint venture (JV) with Thyssenkrupp AG and its successful acquisition of Bhushan Steel Ltd (barring any litigation-related outcomes) will reshape its balance sheet, geographical mix of revenues and profitability. How this shapes up and the direction of steel prices are critical factors for investors to watch.