NatSteel shareholders approve sale of steel business to Tata Steel
The shareholders of Singapore's dominant steel producer, NatSteel, approved the sale of its steel business to The Tata Iron & Steel Company ("Tata Steel") at an extraordinary general meeting (EGM) held yesterday in Singapore. The nod by the shareholders is a significant step in the execution of the definitive agreements signed between Tata Steel and NatSteel in August this year.
The Singapore deal would transfer the steel businesses of NatSteel in Singapore and six other countries, viz: China, Malaysia, Thailand, Australia, Vietnam and Philippines, giving Tata Steel a beachhead in the vibrant South East Asia - Pacific steel markets. This would also increase Tata Steel's steel capacity by 2 million tons and also enable it to expand its presence in the region in line with the globalization initiatives of the Tata Group and Tata Steel itself.
Commenting on the approval given by the shareholders of NatSteel, Mr B Muthuraman, MD, Tata Steel said “We are happy that the shareholders of Natsteel have reposed their faith in Tata Steel and its management policies, practices and values. We are eagerly looking forward to working with the employees of NatSteel towards a mutually beneficial future.