The acquisition will create the world’s second most global steel producer with a combined presence in 45 countries.

Ratan Tata, Chairman of Tata Steel and Corus, said:

"The completion of this acquisition of Corus by Tata Steel is a major step forward in the company’s global strategy and represents an exciting future for both  businesses. I firmly believe that both Tata Steel and Corus, two companies with long, proud histories, share a common business culture and a global vision for the business.”

The company added that the top management at Corus will remain in place after the acquisition.