Tata Steel progresses with talks on sale of steel business in Europe

BERLIN (Scrap Monster): Tata steel bought the Corus group by bidding about 12.04 billion dollars, which was successful in tumbling the bid brought in by the CSN group from  Brazil. But the auction took place about one year before the financial crisis, in 2007, which completely doomed business in Europe as well as North America.

As the result of the financial crisis, the business in Europe for the company has been a disaster, the company has been trying hard to meet with the profit. Being unsuccessful in that, Tat Steel has been planning on to sell the parts of steel operations in Europe and also lower interest cost.

In a statement released by Tata Steel on Wednesday, stated that, if the deal is appropriate the company would decide on selling the, operations located in France and also the other operations located in Germany, along with that, the distribution sites in, Dalzell, Clydebridge and also Teeside, which are all located in Scotland, along with that, the engineering workshop and the rail consultancy in Workington and in York, respectively would will be put on for sale.