7 months China’s HBIS to buy Southeast Asian holdings from Tata Steel, pushes expansion in PH MB |Biz
BEIJING (Reuters) – China’s HBIS Group will buy Tata Steel’s production assets in Southeast Asia, its latest move to expand its overseas steelmaking capacity after an investment in the Philippines in December. HBIS Group, the second-largest steel producer in China, will purchase Singapore-based NatSteel Holdings (NSH), fully owned by Tata Steel, and the 67.9 percent stake that Tata holds in Tata Steel (Thailand) Public Company (TSTH) for $327 million and a 30 percent share of the equity of the new combined companies, HBIS and Tata Steel said on Monday. NatSteel and TSTH have combined steel production capacity of around 3.7 ... more