Tata Steel makes progress in selling its steel business in Europe

Tata Steel has been negotiating and discussing the possible sale of its steel business and distribution network operations in Europe for a long time with the Swiss investment bank Klesch Group.

Tata Steel bought the Corus group for about $ 12.040 million, successfully placing a bid with the CSN group of Brazil. However, this auction took place a year before the financial crisis, in 2007, and now the company's business in Europe is completely doomed, and there are also problems with the profitability of production in North America.

As a result of the financial crisis, business in Europe became a disaster for the company. The company is struggling to make a profit with incredible difficulty. Considering the acquisition unsuccessful, Tata Steel planned to sell part of its steelmaking operations in Europe at a lower cost.

In a statement released by Tata Steel this week, it says that if the deal is agreed upon, the company will decide to sell its French-based operations as well as other operations in Germany. In addition, distributors located in Scotland such as Dalzell, Clydebridge, Teside and the machine shop and rail operations and sales consultancy in Workington and York, respectively, will also be put up for sale.

The Tata Group includes more than 100 companies, operators in various sectors of the economy, and has offices in more than 100 countries on 6 continents, and its companies export products to almost 150 countries around the world.