Tata Steel Europe to sell 5 non-core units

Tata Steel said on May 8 that its European unit has begun to look for buyers for its non-core units after a review of all its businesses.

"Europe Tata Steel Europe has recently conducted a detailed portfolio review of all its businesses to assess the strategic fit and the future potential," the company said in a statement.

"Based on the above review, Tata Steel Europe has begun a process of seeking buyers for business units which supply products to niche markets, allowing the company to continue to strengthen its focus on strategic strip products and markets," added the company.

The units include:

Cogent, a manufacturer and processor of electrical steels based in Newport, South Wales (UK), Burlington, Canada and Surahammar in Sweden. 

Kalzip, an aluminium roofing and cladding business based primarily in Koblenz, Germany. 

Firsteel which coats steel for kitchen bakeware based in Walsall, West Midlands, UK. 

Tata Steel Istanbul Metals, a coil coating company using steel bought on the open market, based in Adapazari, Turkey. 

Engineering Steels Service Centre (Wolverhampton) which is a stockholder and processes engineering steels, based in Wolverhampton, West Midlands, UK. These units employ 1,100 people. 

"These potential sales follow the successful sale of other non-core businesses in recent years, such as Long Products Europe and Speciality Steels," said Hans Fischer, CEO of Tata Steel's European operations.

"Under new ownership these former Tata Steel businesses have found the focus to secure a more sustainable future. In turn, these divestments have allowed us to focus resources on making significant improvements to the core strip business," he added.

Source - Money Control

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