MUMBAI (Commodity Online) : Three and half years after acquiring Anglo- Dutch company Corus, Tata Steel renamed it to Tata Steel Europe to make the Tata brand more prominent across Europe.
In a statement, Tata Steel said, "The Tata Steel name and logo will begin to appear on the company's transactional documents, product deliveries, locations and vehicles'.
Tata Steel had acquired Corus in April 2007 for over $12 billion in a transaction that created one of the world's largest steelmakers, with a major presence in Europe as well as Asia and had started the rechristening exercise some two years back.
"This is the right time to enter a new era under the Tata Steel name, now that we have successfully returned the company to profit following the global financial crisis," Tata Steel Europe (formerly Corus) MD and CEO Kirby Adams, who has already put in his papers as the head of Corus, said.
The statement further said that Corus is adopting Tata Steel as its new identity from today. The rebranding will be a gradual process and "not everything will change immediately", it noted.
"This brand migration will lead to the Tata Steel name becoming much more prominent and widely recognised across Europe and will reinforce our sense of belonging to the Tata Steel family," Adams said.
Corus is the largest steel producer in Europe with an annual revenue of around 12 billion pound.
This is the second identity change for the company as it was formed following merger of British Steel and the Netherlands' Koninklijke Hoogovens in 1999.
With main steelmaking operations in the UK and the Netherlands, the company supplies steel and related services to the construction, automotive, packaging, material handling and other markets worldwide.
It is a subsidiary of Tata Steel and the combined Group has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents.