Tata Steel has announced the completion of the sale of its European long steel business, including the giant Scunthorpe plant, to Greybull Capital LLP.
As per the deal,
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"From today the Long Products Europe business, which in the UK includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France, will trade under the name of British Steel. All together the business employs 4,800 people - 4,400 in the UK and 400 in France," it added.
Tata Steel UK had announced its plans to sell all its UK operations after years of losses in March this year, also saying that it was talking to Greybull, the London-based private equity firm, since December 2015.
Bimlendra Jha, Executive Chairman of the Long Products Europe business and CEO of Tata Steel UK, said: "As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement programme that has been initiated in the last 12 months."
He applauded the efforts of its employees and trade unions, who worked closely with the Long Products Europe management team so that the business' prospects can be improved and it can be placed in a more competitive position than it was in for many years.
"It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market," he added.
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