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.