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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Arcelor Mittal New | NYSE:MT | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.22 | -0.85% | 25.79 | 12,825 | 09:49:22 |
From May 2019 to May 2024
By Alex MacDonald
LONDON--Tata Steel Ltd. (500470.BY) confirmed Wednesday that talks to sell its European long-products business and associated distribution facilities to Klesch Group have been discontinued.
Tata Steel, Europe's second-largest steelmaker by production capacity after ArcelorMittal (MT), had signed a memorandum of understanding with the group headed by Anglo-American industrialist Gary Klesch in October 2014 to sell the unit.
India-based Tata Steel took the decision this weekend to incorporate the business unit, which makes rail and wire rods, into Tata Steel U.K.
This "will enable [us] to determine the strategic options to be assessed and the appropriate actions to be taken," said Karl Koehler, Chief Executive of Tata Steel's European operations in a statement.
The news was first reported by the Financial Times on Monday in which it cited Mr. Klesch's fustration with the U.K. government for its apparent lack of interest in old-economy industries.
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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