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Tata Steel appoints bankers to sell NatSteel and Tata Steel Thailand - Report

Steel News - Published on Fri, 13 Jul 2018

Image Source: SteelGuru
Economic Times, citing people familiar with the matter, reported that Tata Steel is planning to sell some of its businesses in South-East Asia as part of its strategy to exit non-scalable businesses and turn focus to domestic market. As per ET report “Tata Steel has appointed a banker in Singapore to scout for buyers for NatSteel Holdings Pte Ltd (Singapore) and Tata Steel Thailand. The steelmaker values the businesses at about USD 500 million.”

Both units are suffering due to lack of demand caused by slump in construction activities and elevated scrap prices in Singapore and Thailand. They contributed INR 9,542 crore, or 16%: to total revenue of INR 60,519 crore in FY18 but only INR 437 crore, or 2%: to the total EBITDA of INR 22,045 crore.

Tata Steel’s operations in South-East Asia began in 2004 with the acquisition of NatSteel, Singapore. In 2006, Tata Steel acquired Thailand based steelmaker Millennium Steel to strengthen its South-East Asian operations.

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Posted By : Nanda Koijam on Fri, 13 Jul 2018
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