"We have decided to concentrate our resources mainly on our strip products activities, where we have greater cross-European production and technological synergies," said Karl Koehler, chief executive of Tata Steel's European operations.
Tata Steel Ltd said on Wednesday it was in talks with the Klesch Group to sell its long products business in Europe which employs about 6,500 people including those at its distribution facilities.
An agreement signed with Klesch for due diligence covers Tata Steel's UK-based assets including Scunthorpe Steelworks, mills in Teesside, Dalzell and Clydenbridge in Scotland, as well as operations in France and Germany, the company said in a statement.
"We have decided to concentrate our resources mainly on our strip products activities, where we have greater cross-European production and technological synergies," said Karl Koehler, chief executive of Tata Steel's European operations.
Tata Steel began operations in Europe with its USD 13 billion acquisition of Britain's Corus in 2007.
The Klesch Group is a global industrial commodities business, with three divisions specialising in the production and trading of chemicals, metals and oil.
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Tata Steel stock price
On October 14, 2014, Tata Steel closed at Rs 456.15, down Rs 1.65, or 0.36 percent. The 52-week high of the share was Rs 578.60 and the 52-week low was Rs 301.00.
The company's trailing 12-month (TTM) EPS was at Rs 75.41 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 6.05. The latest book value of the company is Rs 629.60 per share. At current value, the price-to-book value of the company is 0.72.
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