Tata Steel makes long products business stand-alone unit
LONDON (Reuters) - Tata Steel has turned its long products business into a standalone unit to allow other strategic options to be pursued following the reported withdrawal of Klesch Group from talks to buy the business, it said on Tuesday.
"The business started operating as a standalone, wholly owned subsidiary from Aug. 2," Tata said in a statement. "The standalone status for the long products business will also enable alternative strategic options to be assessed and progressed."
Tata said it noted media comments by the Swiss-based Klesch Group of its intention to withdraw from further negotiations about the potential sale of the long products business.
(Reporting by Eric Onstad, editing by Louise Heavens)