Tata Steel sells HKS stake to Germany’s TSR

Tuesday, 17 July 2012 17:13:31 (GMT+3)   |  
       

Indian steel producer Tata Steel announced the sale of its 50 percent stake in Dutch ferrous and non-ferrous metals recycler HKS Scrap Metals Co (HKS) to Euro Scrap Alliance (ESA), a subsidiary of TSR of Germany, for an undisclosed sum. ESA already held the other 50 percent stake in HKS and so will become the 100 percent owner of HKS.

The transaction is in line with Tata Steel's strategy of focusing on its core activities. The business connections between Tata Steel in the Netherlands and HKS will remain active.  HKS generates annual sales of about €400 million and employs about 180 people in six locations: Amsterdam, Amersfoort, Eindhoven, Hengelo, Gravendeel (where HKS is headquartered) and Zwartsluis.