Tata Steel says not hiving off SA business

 
“We are not selling the plant,” Managing Director H M  Nerurkar told reporters.

“Now that the plant has started making profit, we plan to stabilise it and are looking at buying ferro chrome ore mines there to secure supplies,” he said.

Referring to activities in the African continent, Nerurkar said to boost steel production from six million tonne to 10 MT by 2012,the company was scouting for more ferro chrome mines in Africa, particularly in South Africa and Botsowana.”

Further, the company was contemplating to refinance a few European projects worth $ 5.5 billion to develop a stronger foothold in the western market.