Steel business explores potential sale of two Midlands-based firms
Tata Steel Europe has begun a process of seeking buyers for two business units in the West Midlands, Firsteel which coats steel for kitchen bakeware based in Walsall and Engineering Steels Service Centre in Wolverhampton, which is a stockholder and processes engineering steels.
As a responsible seller Tata Steel is committed to seeking the best and most sustainable future for all the businesses.
Hans Fischer, CEO of Tata Steel’s European operations, said: “These potential sales follow the successful sale of other non-core businesses in recent years, such as Long Products Europe and Speciality Steels. Under new ownership these former Tata Steel businesses have found the focus to secure a more sustainable future.
“In turn, these divestments have allowed us to focus resources on making significant improvements to the core strip business, as part of our ambition to develop the most sustainable steel business in Europe focused on our IJmuiden and Port Talbot value chains.
“The customer bases for the businesses being sold are distinct from the rest of Tata Steel Europe. We want to find the best owner for each of these business units who can focus on their needs to help them realise their full potential.”
The company has said that the potential sales would enable the firm to focus investment and management resource on its core strip products business and strategic markets.