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Tata Steel To Sell Dutch Unit, Cutting Back On European Operations - Nikkei Asia

by asia.nikkei.com posted 2weeks ago 33 views
MUMBAI -- India's Tata Steel is in talks to sell its 7.5 million-ton-per-annum plant in the Netherlands to Sweden's SSAB, cutting back on its European operations even as it expects the U.K. government to dole out long-term support for its loss-making facility at Port Talbot in Wales. The due diligence for the sale is expected to be completed in a couple of months and the proceeds of the sale would be used to pare off 1.7 billion euros ($2.0 billion) in debt accumulated in the books of Tata Steel Europe, the company's management said in a teleconference call with reporters on Tuesday.