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Tata Steel sells Southern Steel stake

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The world seventh biggest steel manufacturer, Tata steel company, said that the subsidiary company Dazhong Iron company in Singapore has sold about 27 percent stake in Malaysian firm Southern Steel Berhad for US$72 million.

"Tata Steel announces its subsidiary NatSteel Holdings Pte has sold of 27.03 percent in Southern Steel Berhad at a total consideration of around US$72 million," the company said.

The company said in a statement that the transaction is subject to the approval of the authorities such as the Malaysian stock exchange.
News Date 19 Jul 2010 13:28:47 reported by Allen

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