Tata Steel selling off electrical steel facilties before merger
Tata Steel’s European business is putting up for sale several of its smaller facilities and businesses, including its electrical steel facilities, as it nears its merger with ThyssenKrupp.
Tata Steel plans to dispose of five of its non-core units, so the company could focus on its main strip steel business, reports Financial Times.
Approximately 1,100 employees across the UK, Canada, Sweden, Germany and Turkey will be affected by the sales, however it would account for only a fraction of Tata Steel Europe’s output.
Tata Steel and ThyssenKrupp are expected to finalize their merger by the end of 2018.
Source: Financial Times