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Tata Steel exits HKS Scrap Metals

India/the Netherlands – Indian steel producer Tata Steel is selling its 50% stake in Netherlands-based metals recycler HKS Scrap Metals to Euro Scrap Alliance (ESA) – the subsidiary of Germany’€™s TSR. The financial specifics of the deal, which is still awaiting approval from the European Commission, have not been revealed.

HKS owns six ferrous and non-ferrous locations within the Netherlands, including one in Amsterdam, and has annual revenues of approximately Euro 400 million. According to Tata, the exit from HKS is ‘€˜in line with our intention to focus on our core activities’€™.

It also states that existing industrial connections between Tata in the Netherlands and HKS will remain active. ‘€˜ESA already holds the remaining 50% stake in HKS and as a result of the deal ESA will become the 100% owner of HKS,’€™ the company adds in a statement.

The European branch of Tata’€™s operations represents the continent’€™s second largest steel producer, with main facilities in the UK as well as in the Netherlands, Germany, France and Belgium. The group’€™s total steelmaking capacity amounts to 28 million tonnes per annum.

For more information, visit: www.tatasteelindia.com

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