TISCO acquires NatSteel

TISCO acquires NatSteel

Singapore-based steel producer NatSteel's shareholders approved the sale of its steel business to Indian steelmaker Tata Iron and Steel Co (TISCO) for around $285 million. The acquisition will enable TISCO to expand its business in seven Asia-Pacific countries. In addition to Singapore, NatSteel has subsidiaries in China, Malaysia, Vietnam, the Philippines, Thailand and Australia. TISCO will use the NatSteel facilities and brand in the Asian markets, while NatSteel plans to use money from the sale to expand its chemicals and construction businesses.