According to the Indian company, these funds will be used to reduce foreign debt.
NatSteel was acquired by the Indians in 2004. It is the largest metallurgical enterprise in Singapore and mainly produces long products for the needs of the construction industry. The plant's design capacity exceeds 1.3 million tons per year, but only produced 730 thousand tons of steel in 2020.
Tata Steel has already tried to sell its Singapore unit. But the agreement signed in 2019 to sell 70% of shares of Chinese group NatSteel was not applying $327 million in cash to Hebei Iron & Steel.
Unlike 2019, when the entire NatSteel company was put up for sale, the Indian company this time retained a wire mill in Singapore with its subsidiary Siam Industrial wires, which manufactures steel wire and other hardware products in Thailand.
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