India Inc India Inc: Monday, 19 August 2013 11:54

Tata Steel to restructure Europe

Indian multinational steel making company, Tata Steel, has made plans to restructure its European operations and management soon.

The company’s European operations account for nearly two-thirds of its output and is facing severe challenges in the face of an ongoing economic crisis. While low demand has led to a decline in sales, overall profitability has improved.

The Tata Group firm is looking at various options for its European operations, such as cost savings, restructuring, and product differentiation.

The company, which has launched 17 steel products in the European market this year, is looking at launching 30 more products in 2013.

The Indian steel maker had acquired the Anglo Dutch steelmaker Corus in 2007 to get a foothold in the European markets. The company currently operates two major integrated steel plants in the UK and one at Ijmuiden in the Netherlands.

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