Tata Steel in talks with SSAB Sweden to sell its Dutch business

Mumbai, Nov 13 : Tata Steel has initiated talks with Sweden-based SSAB to sell its Netherland business, including Ijmuiden steelworks.
It has also started discussions with the supervisory board and board of management of Tata Steel Netherlands and the process will move to the next stage including due diligence and stakeholders’ consultations, Tata Steel said in a regulatory filing.
The steel major has also initiated the process to separate Tata Steel Netherlands and Tata Steel UK and will pursue separate strategic paths for the Netherlands and the UK business in the future.
“The company has initiated discussions with SSAB Sweden based on interest received for the potential acquisition of Tata Steel’s Netherland business including Ijmuiden steelworks,” it said.
It also said that it continues its dialogue with the UK government on potential measures to safeguard the long-term future of Tata Steel UK and added that it is reviewing all options to make the business self-sustaining without the need for any funding support from Tata Steel India in the future.
It added that the company is committed to deploy proceeds of any strategic restructuring towards additional deleveraging of the balance sheet.