Tata Steel investing in high-strength steel for automotives
(REUTERS) - Tata Steel Europe said it is investing 2.3 million euros (S$3.9 million) at its IJmuiden facility in the Netherlands to develop next-generation steels for the auto industry that are lighter, stronger and better able to withstand crashes.
The Indian company's European branch, Tata Steel UK Ltd , is Europe's second largest steel producer.
European steelmakers have been struggling to make profits in the last couple of years, in a fast shrinking market.
"The R&D investment follows close collaboration between Tata Steel and three major European car manufacturers to understand their requirements for future car models," Tata said in a statement.