Corus Partners Up With Romanian Peer In EUR12M Deal

Description:

Corus, the European arm of India's Tata Steel Ltd., will invest some EUR12 million together with a Romanian peer in a production unit in Sfantu Gheorghe, central Romania, local authorities said Monday.

According to Rosner Herman, president of the Trade and Industry Chamber in Covasna county, Corus and its Romanian associate will hire some 75 staff at the new production unit to be opened in 2011.

Herman did not disclose the name of the Romanian company, but mentioned it is a company specialized in mounting sandwich panels on the local market.

Corus is Europe's second largest steel producer with annual revenues of around GBP12 billion and a crude steel production of over 20 million tons.

Corus was acquired by India's Tata Steel for more than $12 billion in 2007.

In July 27, Corus International opened an office in Romanian capital Bucharest, in a move to strengthen its presence in the Central and Eastern Europe. ( Source: Mediafax)