Klesch Group

Tata Steel Ltd is continuing discussions to sell its loss-making long-products business in Europe, the company said on Wednesday, after talks with Swiss-based Klesch Group failed.

Tata Steel on Wednesday said talks with Switzerland-based Klesch Group for sale of its long products Europe business have been discontinued.

Tata Steel has spun out its long products unit making items such as plates, sections and wire rods into a standalone business to better pursue strategic options, after the reported withdrawal of Klesch Group from talks to buy the division.

A fourth trade union at Tata Steel UK has voted for strike action, setting the scene for the biggest labour dispute in the British steel industry in three decades after three unions backed a strike last week.

The steelmaker said in October last year it was in talks to sell the unit, which employs 6,500 people mostly in Britain, to Klesch Group, a global commodities business involved in chemicals, metals and oil production and trading.

Reports that Tata Steel is about to sell its long products division to Klesch Group are 'speculative' and do not reflect the views of the company, the steelmaker told the National Stock Exchange (NSE) on Tuesday.

British unions will start balloting some 17,000 Tata Steel workers for industrial action from May 6, one day before the country's general election, in a move that threatens to further deter investors from the shrinking UK steel sector.

The steel giant earlier this month announced that it is in talks with the Klesch Group to sell its long products business in Europe which employs about 6,500 people, including those at its distribution facilities.

Tata Steel's decision to sell its long product business in the UK and its bank debt refinance plan will be credit positive and alleviate funding pressure, Moody's Investors Service said on Monday.

Tata Steel Ltd on Wednesday said it was in talks with the Klesch Group to sell its long products business in Europe which employs about 6,500 people including those at its distribution facilities.

Tata Steel Ltd is continuing discussions to sell its loss-making long-products business in Europe, the company said on Wednesday, after talks with Swiss-based Klesch Group failed.

Tata Steel on Wednesday said talks with Switzerland-based Klesch Group for sale of its long products Europe business have been discontinued.

Tata Steel has spun out its long products unit making items such as plates, sections and wire rods into a standalone business to better pursue strategic options, after the reported withdrawal of Klesch Group from talks to buy the division.

A fourth trade union at Tata Steel UK has voted for strike action, setting the scene for the biggest labour dispute in the British steel industry in three decades after three unions backed a strike last week.

The steelmaker said in October last year it was in talks to sell the unit, which employs 6,500 people mostly in Britain, to Klesch Group, a global commodities business involved in chemicals, metals and oil production and trading.

Reports that Tata Steel is about to sell its long products division to Klesch Group are 'speculative' and do not reflect the views of the company, the steelmaker told the National Stock Exchange (NSE) on Tuesday.

British unions will start balloting some 17,000 Tata Steel workers for industrial action from May 6, one day before the country's general election, in a move that threatens to further deter investors from the shrinking UK steel sector.

The steel giant earlier this month announced that it is in talks with the Klesch Group to sell its long products business in Europe which employs about 6,500 people, including those at its distribution facilities.

Tata Steel's decision to sell its long product business in the UK and its bank debt refinance plan will be credit positive and alleviate funding pressure, Moody's Investors Service said on Monday.

Tata Steel Ltd on Wednesday said it was in talks with the Klesch Group to sell its long products business in Europe which employs about 6,500 people including those at its distribution facilities.