Tata to Sell European Long Steel Business

GALWAY, IRELAND--October 22, 2014 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) Europe's second-largest steelmaker Tata Steel Europe (London, U.K.) is in talks to sell off its long steel operations to Switzerland-based industrial commodities company, Klesch Group, in a deal estimated to be worth up to $1.4 billion.

Tata has signed a Memorandum of Understanding with Klesch Group to undertake detailed due diligence and negotiations for the potential sale of its Long Products Europe business and associated distribution activities.