Indian steelmaker Tata Steel has announced that it has ended negotiations regarding the potential sale of its European long products business and associated distribution facilities to Switzerland-based Klesch Group. The company had been in talks with Klesch following the signing of a memorandum of understanding in October 2014.
As of August 2, the long products business, with the associated distribution facilities, became a 100 percent subsidiary of Tata Steel UK Ltd. Tata Steel said that the long products business will continue to focus on supporting customers by supplying them with innovative, advanced steel products - rail, wire rod, plate, sections and special profiles. This market differentiation strategy will remain a key focus for long products as progress is made towards a more sustainable future for the business, Tata Steel stated.