Tata Steel has agreed to sell its 50 per cent stake in Dutch ferrous and non-ferrous metals recycler HKS Scrap Metals Co (HKS) to Euro Scrap Alliance (ESA), a subsidiary of TSR of Germany, for an undisclosed sum.
ESA already holds the remaining 50 per cent stake in HKS and as a result of the deal ESA will become the 100 per cent owner of HKS.
The transaction is in line with Tata Steel’s strategy of focusing on its core activities. The business connections between Tata Steel in the Netherlands and HKS will remain active. HKS generates annual sales of about EUR 400 million and employs about 180 people in six locations: Amsterdam, Amersfoort, Eindhoven, Hengelo, 's Gravendeel (where it is based) and Zwartsluis.
The transaction is subject to approval from the European Commission.
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About Tata Steel in Europe
The European operations of Tata Steel comprise Europe's second largest steel producer. With main steelmaking operations in the UK and the Netherlands, they supply steel and related services to the construction, automotive, packaging, lifting & excavating, energy & power, aerospace and other demanding markets worldwide. Tata Steel is one of the world’s largest steel producers. The combined group has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents.