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Tata Steel Sells Stake in Southern Steel Berhad
Jul. 19, 2010 Tata Steel’s subsidiary NatSteel Holdings Pte. Ltd. has sold its stake of 27.03% in Southern Steel Berhad, Malaysia, at a total consideration of around USD 72 million.
Tata Steel says that the sale is part of its restructuring strategy to its portfolio and reconsideration of its position in geographies where it does not have a majority control. The company notes it will continue to explore various opportunities to grow its South East Asian business in the future.
The transaction is subject to approval of Bursa Malaysia and other relevant regulatory authorities.
Established in 1907 as Asia's first integrated private sector steel company, Tata Steel Group is among the top 10 global steel companies with an annual crude steel capacity of over 28 million tonnes per annum. It is the world's second-most geographically diversified steel producer, with operations in 26 countries and a commercial presence in more than 50 countries. The Tata Steel Group, with a turnover of US$29 billion in FY '09, has over 80,000 employees across five continents and is a Fortune 500 company.