India-headquartered steelmaker Tata Steel plans to dispose of its Southeast Asian operations as part of its strategy to exit non-profitable businesses and to focus on its domestic market, according to India-based The Economic Times.
Accordingly, Tata Steel has appointed a banker in Singapore to search for buyers for both NatSteel Holdings Pte Ltd in Singapore and Tata Steel Thailand. Both of the subsidiaries, with a total value of around $500 million, are suffering because of poor construction activities and increasing scrap prices.