SSAB withdraws initial interest for Netherlands biz: Tata Steel

Tata Steel on Friday confirmed that Swedish steel maker SSAB has withdrawn its initial interest for its Netherlands business.

However, in a BSE filing, Tata Steel said it is committed to finding a strategic resolution for its European portfolio.

Tata Steel's IJmuiden plant is environmentally efficient and cost-competitive steel producer in Europe, according to the filing.

Currently, around two-thirds of the business of Tata Steel is based in India with best-in-class cost-competitive assets and strong cash flows, and the company remains committed to undertaking significant de-leveraging in 2020-21 and beyond, it added.

Meanwhile, in November 2020, Tata Steel had said that in Europe, it is in talks with Swedish steel maker SSAB on the potential sale of its Netherlands business, including Ijmuiden steelworks.

The company said it had also initiated the process to separate Tata Steel Netherlands and Tata Steel UK in order to pursue separate strategic paths for both the businesses in the future.

Shares of Tata Steel on Friday declined by 3.65 per cent to Rs 601.15 on the BSE.