Tata Steel Sells Southern Steel Stake for USD 72 million

Tata Steel Ltd., India’s biggest producer, said it sold its entire stake in Malaysia’s Southern Steel Bhd. for USD 72 million as part of a reorganization.

The company held 27,03 % in the Penang-based company through its unit NatSteel Holdings Pte.  The sale is part of Tata Steel’s strategy of restructuring its portfolio and reconsidering its position in geographies where it does not have a majority control. (07/2010)