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Tata Steel to divest electrical steel facilities ahead of ThyssenKrupp merger - CFO

Steel News - Published on Fri, 16 Nov 2018

Image Source: Tata Steel
SP Global, citing company official, reported that Tata Steel is looking to divest some electrical steel facilities as part of the current merger process between Tata Steel Europe and Thyssenkrupp, following concerns expressed by the European Commission. Mr Koushik Chatterjee, Tata's executive director and chief financial officer told reporters in Mumbai that “Tata has electrical steel units in the UK and Canada and its potential divestments in this area will prevent overlap with Thyssenkrupp. The company has now closed the sale of German aluminum roofing and cladding business Kalzip.”

Earlier this year Tata Steel Europe announced it planned to sell some of its business units, including UK electrical steel producer Cogent, and some packaging facilities as part of a drive to divest noncore assets and boost sustainability at its key European steel strip producing operations at IJmuiden and Port Talbot, ahead of its planned merger with Thyssenkrupp.

These moves come amid a constructive engagement with the European Commission and Thyssenkrupp as Tata Steel has now entered a phase two review by the EC of the proposed merger, expected to last 90 working days

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Posted By : Ratan Singh on Fri, 16 Nov 2018
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