March 30, 2016:
Tata Steel is finally getting ready to exit the ailing European steel market, which it entered in 2007 in a big way with the acquisition of Anglo-Dutch steelmaker Corus.
The $13-billion acquisition, a large part of which was debt-funded, catapulted Tata Steel into one of the worlds largest steelmakers. But it soon became the companys pain point following the global economic slowdown. And with the global steel market never fully recovering from excess capacity since then, the acquisition bled Tata Steel badly.
Steel companies worldwide including in Europe have been bearing the brunt of weak steel demand and a surge in cheap imports from China.
Industry giant ArcellorMittal too has not been spar…