Last updateTue, 17 Mar 2015 2pm

Tata Steel to sell off European assets as demand slumps

Tata Steel is to sell off some of its assets in Europe after the company was forced to write off $1.6 billion from its balance sheet as its' European operations continue to struggle.

According to reports, the company is planning to off load or shut down some of its operations in Britain and the Netherlands to ensure the long-term profitability of Tata Steel Europe, formerly Corus.

Tata Steel has been struggling to turn its European arm profitable since the takeover of Corus in 2008 as the global recession and sluggish demand continues to blight producers around the continent.

The company has seen a 30 percent decline in demand in Europe since 2007 and has taken several austerity measures to cut its' losses.



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