Hives down long products business into wholly owned subsidiary
Tata Steel announced that negotiations for the potential sale of its European long products business and associated distribution facilities to Klesch Group have been discontinued. The Company has been in talk with Klesch following the signing of a Memorandum of Understanding in October 2014.As of 02 August 2015, the long products business, with the associated distribution facilities, became a 100% subsidiary of Tata Steel UK. With the hive down of the long products into a wholly owned subsidiary, the new structure will enable the Company to evaluate and execute strategic options in the future.
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