Tata Steel issued a separate statement, making similar claims. It said the acquisition was "based on the long-term strategy of the company to pursue growth through international expansion" but the 2008 recession caused "financial hardship to the entire industry." On Tuesday, Mistry had said the possible sale of TCS to IBM was a "near death experience" for the company. His office had further claimed that his predecessor's "ego" led to the group's acquisition of Corus. The company – which later changed its name to Tata Steel Europe – was available for sale a year earlier at half the price. Mistry said the decision to acquire it "went against the reservations of some board members and senior executives". Mistry was ousted as chairperson on October 24. The Tata Group has accused Mistry of being responsible for its dwindling revenue. In a letter to his employees, interim chairperson Ratan Tata had said the decision to sack Mistry was " absolutely necessary " for the group's success.