Mumbai: Tata Steel announces that its subsidiary NatSteel Holdings Pte. Ltd. has sold of 27.03% in Southern Steel Berhad, Malaysia at a total consideration of around USD 72 million.
The sale is part of Tata Steel’s strategy of restructuring its portfolio and reconsidering its position in geographies where it does not have a majority control. The Company 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 ten global steel companies with an annual crude steel capacity of over 28 million tonnes per annum (mtpa). It is now the world's second-most geographically-diversified steel producer, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of US$ 22.8 billion in FY '10, has over 80,000 employees across five continents and is a Fortune 500 company. The Group’s vision is to be the world’s steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspirational targets, safety and social responsibility, continuous improvement, openness and transparency. In 2008, Tata Steel India became the first integrated steel plant in the world, outside Japan, to be awarded the Deming application Prize 2008 for excellence in Total Quality Management.