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Tata Steel Europe needs investment - Mr Ratan Tata

- By Charlotte Stubben

Tata Steel Europe (formerly Corus), needs investment and it can be planned only after the economic situation in Europe improves.

PTI quoted Mr Ratan Tata group chief of Tata Steel as saying that Tata Steel Europe (formerly Corus), needs investment and it can be planned only after economic situation in Europe improves.

He added that "Tata Steel Europe was performing in negative due to various reasons, including the prevailing economic conditions there and high cost of raw materials. Our European operations need investment. Let the economic condition improve there, which I hope would take place fast, and we will plan it out only after that."

Read more: Tata Steel Europe to cut output?

Tata's acquired Anglo Dutch steel major Corus in 2007 for over USD 12 billion. A year later, group company Tata Motors brought out iconic British luxury car brand Jaguar Land Rover for USD 2.3 billion.

Mr Tata said that "Tata group have spent millions to earn a brand name over the years and finally succeeded."

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