Tata Steel eyes stake in SA's Highveld Steel

Tata Steel is in talks with Anglo American, which owns 79% stake in South Africa-based Highveld Steel, to acquire a stake in the South African firm.

"This is in the process, and we are evaluating it," B Muthuraman, managing director of Tata Steel, said. He was speaking after the formal announcement of Tata Steel's joint venture with Australia-based BlueScope Steel.

"This (Highveld Steel) is not the only company we are currently looking at - in fact, there are several other companies on our radar," he added.

Muthuraman declined to divulge further details on the proposed acquisition.