Tata Steel,worlds 12th-largest steel maker,said on Monday that it has agreed to sell 50 per cent stake in Dutch scrap metal recycler HKS Scrap Metals to Euro Scrap Alliance (ESA),a subsidiary of Germany-based TSR. The two companies did not disclose the size of the deal.
ESA already has a 50 per cent stake in HKS Scrap Metals and the deal will make the Dutch recycler a 100 per cent subsidiary of ESA.
The transaction is in line with Tata Steels strategy of focusing on its core activities, said Tata Steel Europe in a statement. The business connections between Tata Steel in the Netherlands and HKS will remain active.
The Dutch recycler generates 400 million euro in annual sales and employs 180 people across six locations in the Netherlands. The transaction is subject to approval from the European Commission.