Tata Steel Ltd. completed the divestment of its indirectly held Kalzip Guangzhou Ltd. subsidiary to Shanghai Qinheng International Trade Co. for €5.5 million, as the Indian steelmaker continues to offload nonprofitable assets to slash debt, Bloomberg News reported March 31, citing an exchange filing.

The deal was completed March 29, after the companies signed an agreement in November 2016.

Tata Steel is also offloading its specialty steel business in the U.K. to Liberty House Group for £100 million.