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India-based TATA Steel Limited (TSL) had been expanding its operations globally, and had made significant investments in that direction. Even with strong financial support and expertise, TSL had been facing the challenges of a demand crunch and competition from low cost steel imported from China. TSL's Europe business units had been facing tough times given the market challenges and competition. As a result, the debt burden on the European business units had increased, and they were depending on the parent company for financial support. Despite several attempts to streamline the UK business operations, TSL was not able achieve much of a breakthrough since 2016. However, the financial year 2020-21 was much more challenging for all companies in the steel business, making them look for strategic sale options or strategic associations. In the process, SSAB AB of Sweden initiated a dialogue to acquire TSL's Netherlands AB business unit, IJmuiden steel mill, and related downstream assets, as a part of its strategic investment choice. However, the deal was not finalized as expected. The case study can be used to discuss the concepts of business expansion, mergers and acquisitions, and divestitures from the perspective of Indian steel business entities at the domestic level and at the global level.