In a move that will help deleverage its balance sheet, Tata Steel said Friday it had initiated discussions with SSAB of Sweden for the sale of its Dutch business, including IJmuiden steelworks.
The company said it had also commenced discussions with the supervisory board and board of management of Tata Steel Netherlands so that the process would move to the next stage that would include due diligence and stakeholders’ consultations. “The company is committed to deploy proceeds of any strategic restructuring towards additional deleveraging of the balance sheet,” the statement said.
The company also said that it had initiated the process to separate Tata Steel Netherlands and Tata Steel UK business. This is being done because Tata Steel will pursue separate strategic paths for the Netherlands and UK business in the future.
SSAB also issued a statement about holding discussions with the Tata Steel for a potential deal in the Netherlands business, however, it indicated that the discussions were preliminary and no decision had been reached yet. FE
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