July 16, 2012 / 11:29 AM / 5 years ago

Tata Steel to sell stake in Dutch recycler HKS

REUTERS - Tata Steel (TISC.NS), the world’s no. 7 steelmaker, said on Monday it has agreed to sell its 50 percent stake in Dutch recycler HKS Scrap Metals Co to a unit of Germany’s TSR for an undisclosed amount.

A labourer works inside a steel factory on the outskirts of Jammu June 12, 2012. REUTERS/Mukesh Gupta/files

The transaction is in line with Tata Steel’s strategy to focus on core activities, the company said in a statement.

The TSR unit already owns 50 percent stake in the Dutch company. HKS generates annual sales of 400 million euros.

Reporting by Prashant Mehra in Mumbai; Editing by Prateek Chatterjee

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