Tata Steel – Would be merger be of any value?

As per this article on 5paisa%20on%20iron%20ore%20transfer.), there is a sureshot/concrete cost savings on iron ore royalty payments of about 500 crores (~1.5% of the operating profit of TATASTEEL in FY21). There might be other synergies and cost savings but in my opinion but those are either somewhat wishful or might there be not-so-apparent downsides which could counter these out.

Disclosure: Am invested in Tatasteel (its ~2% of my portfolio).