India-based Tata Steel has agreed to sell its 50 percent stake in Dutch ferrous and nonferrous metals recycler HKS Scrap Metals Co. (HKS) to Euro Scrap Alliance (ESA), a subsidiary of TSR of Germany.
ESA already holds the remaining 50 percent stake in HKS and as a result of the deal will become the 100 percent owner, according to several news reports. The transaction is subject to approval from the European Commission.
Tata Steel indicates the transaction, for an undisclosed sum, is in line its strategy of focusing on its core activities. In the news reports, Tata Steel also says the business connections between Tata Steel in the Netherlands and HKS will remain active.
HKS has six locations in the Netherlands.