Indian steelmaker Tata Steel has lined up capital expenditure of around $405 million for its European operations as it focuses to make its business stronger, Tata Steel CEO and managing director, T V Narendran, said in a media statement on Tuesday, August 17.
“For the current financial year, we have guided that our capex will be $405 million for Europe. It is more for sustenance capex, environment-related capex, and capex on the product-mix enhancement, that we are doing particularly in the Netherlands,” he said.
“We are not actively looking for any buyer. If you make the business stronger, that helps with the value of the business,” he said.
According to the company, steel deliveries at Tata Steel Europe increased 17.4 percent year on year to 2.33 million metric tons in the April-June quarter this year.