Tata Steel has announced that the Board of Corus Group Plc has recommended to its shareholders the revised acquisition by Tata Steel at its meeting held on 31st January 2007. Mr B Muthuraman MD of Tata Steel said, “Firstly, it immediately comes in with a capacity of 19 million tonnes per annum at a cost of little more than half of what a similar Greenfield site would. Secondly, it gives us access to developed and mature markets of Europe where we can go downstream much more than say in India or China and where the quality of products and service is important. Thirdly, Corus has a highly developed R&D capability and although Tata Steel has better R&D than other Indian players, this is another strength Corus brings to Tata Steel. Another important factor is that the management and work culture is very similar to Tata Steel which will help in integration.”
