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<br />
Tata Steel has announced the completion of the sale of its European long steel business, including the giant Scunthorpe plant, to Greybull Capital LLP. <br />
 <br /> As per the deal, <keyword id="3387727" type="UNKNOWN" weightage="100" keywordseo="Scunthorpe-steelworks">Scunthorpe steelworks</keyword> in England, mills in Teesside and in northern France, employing a total of 4,800 people, have been sold, for a "nominal" fee, said the announcement. <br />
 <br /> "<keyword id="723143" type="ORGANIZATION" weightage="100" keywordseo="Tata-Steel-UK">Tata Steel UK</keyword> today announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP," the statement said. <br />
 <br />
"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. <br />
 <br />
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. <br />
 <br />
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." <br />
 <br />
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. <br />
 <br />
"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.<br />
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<a href="http://i4.mirror.co.uk/incoming/article7703447.ece/ALTERNATES/s615/Tata-Steel.jpg"><em>Image source</em></a><br />

Tata Steel UK sells its Europe Long Products business to Greybull

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Fabian Bimmer</span></p><p class="caption">A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012.</p></div><p></p></div></div>Tata Steel has agreed to sell its struggling <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> business to family office Greybull Capital for a "nominal sum."</p><p>The deal covers 4,800 jobs and assets including "Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France," <a href="http://www.tatasteeleurope.com/en/news/news/tata-steel-uk-agrees-sale-and-purchase-agreement-for-long-products-europe-business">according to the release on the deal.</a></p><p>Indian company Tata has been in talks with potential buyers of its UK business <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">since putting its business here up for sale at the end of last month.</a></p><p>There was concern that the sale process could result in the closing down of some or all of the operations, with Tata saying that the business case for making steel in Britain has "rapidly deteriorated" due to falling prices and rising costs.</p><p>However, in today's release the company says that "the agreement is an important milestone on the road towards continuing steelmaking in Scunthorpe and steel processing in other locations in the UK and France."</p><p>Bimlendra Jha, Executive Chairman of the stand-alone Long Products Europe business (the division being sold), says in the statement:</p><p style="padding-left: 30px;">Today marks a significant milestone in the sale of the Long Products Europe business. This sale is the best possible outcome for employees who have worked relentlessly to ensure the business's survival, and helped to make it attractive to a potential buyer.</p><p>After the deal completes Tata Steel UK will be rebranded "British Steel", a name it was known by prior to its takeover by Tata. Greybull will invest £400 million in the new company, <a href="https://next.ft.com/content/b1ff7118-635e-323b-a4f6-b61be8b1fd93">according to the Financial Times</a>.</p><p>The FT reports that the group has also reached an agreement with trade unions and key suppliers to "reset the cost base of the business."</p><p><span>Paul McBean, the chairman of the Scunthorpe works multi-union committee, <a href="http://www.scunthorpetelegraph.co.uk/8203-s-unbelievable-news-8211-Greybull-Capital/story-29089086-detail/story.html">told the Scunthorpe Telegraph</a> that the deal is "unbelievable news", saying: <span>"We have saved the local steel industry, thousands of jobs, the town and the community as a whole."</span><span><br /><br /></span></span>Hans Fischer, Chief Executive of Tata Steel's European operations, says:</p><p style="padding-left: 30px;">Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale of shareholding in Longs Steel UK. This transaction will offer a future for the Long Products Europe business and its 4,400 employees in the UK.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/hamilton-makes-over-2-million-month-producer-jeffrey-seller-broadway-musical-theater-2016-4">Broadway's biggest hit 'Hamilton' is making over $2 million a month - here's why the producer thinks it could be making a lot more</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hqaGdtMjE6TuOLd1QuJ1UzvqOkB9_J_a" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

STEEL SAVED: Tata sells plants to Greybull Capital

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Fabian Bimmer</span></p><p class="caption">A steel-worker is pictured at a furnace at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 21, 2012.</p></div><p></p></div></div>Tata Steel just completed the sale of part of its struggling <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> business to family office Greybull Capital for a "nominal sum."</p><p>The deal for Tata's so-called "Long Products Business" covers 4,800 jobs and assets including "Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a mill in northern France," <a href="http://www.tatasteeleurope.com/en/news/news/tata-steel-uk-agrees-sale-and-purchase-agreement-for-long-products-europe-business">according to the initial release on the deal.</a></p><p><a href="https://next.ft.com/content/5eaa3e44-27b0-11e6-8b18-91555f2f4fde#axzz4AD5oBN6t">The Financial Times reported that the deal completed on Wednesday.</a> The paper says the deal saves 4,400 jobs in the UK.</p><p>Indian company Tata has been in talks with potential buyers of its UK business <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">since putting its business here up for sale at the end of March.</a></p><p>While this deal brings certainty to many employees, there are still many factories and jobs in limbo. Tata is still in talks with multiple parties about buying the rest of its UK steel business, most notably the Port Talbot operation in Wales.</p><p>Business Secretary Sajid Javid is also involved in the discussions and it trying to lessen Tata Steel's pension deficit, <a href="http://uk.businessinsider.com/uk-steep-plants-being-bought-and-jobs-saved-2016-4">which is putting off buyers</a>. The company <a href="http://uk.businessinsider.com/uk-government-looking-to-ringfence-tata-steels-15-billion-pension-plan-2016-5">has a £485 million ($702 million) shortfall in its scheme</a> and workers face having their future payouts reduced as Javid <a href="http://uk.businessinsider.com/government-considers-moving-tata-steel-pension-plan-form-cpi-to-rpi-2016-5">considers moving the pensions from being pegged to the consumer price index (CPI) measure of inflation to the lower retail price index (RPI)</a>. This would require a change in the law.</p><p>The assets Greybull bought off Tata Steel UK will be rebranded "British Steel," a name it was known by prior to its takeover by Tata. Greybull will invest £400 million in the new company, <a href="https://next.ft.com/content/b1ff7118-635e-323b-a4f6-b61be8b1fd93">according to the Financial Times</a>.</p><p>Hans Fischer, Chief Executive of Tata Steel's European operations, said at the time the deal was first announced:</p><p style="padding-left: 30px;">Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale of shareholding in Longs Steel UK. This transaction will offer a future for the Long Products Europe business and its 4,400 employees in the UK.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/red-flags-goldman-sachs-interviews-2016-5">This behavior could kill your chances in a Goldman Sachs interview</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="wxbjFnMzE6KLizh2hBTQSDvLOgNQGzpH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

4,800 jobs were just saved by a deal for part of Tata Steel

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p><p class="caption">An employee monitors molten iron being poured into a container at a steel plant in Hefei</p></div><p></p></div></div>The rout in commodities has claimed a British victim in the form of Caparo, a <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> steel firm.</p><p>Caparo is set to go into administration, according to reports from Press Association, with the loss of around 1,800 jobs.</p><p>Nick Dakin, <span>Labour MP in Scunthorpe, blamed intense competition from China,<a href="http://www.bbc.co.uk/news/live/business-34551509?ocid=socialflow_twitter"> in an interview with BBC News.</a></span></p><p><span>The loss of industrial competitiveness is fast becoming a political issue.</span></p><p><span>Jeremy Corbyn, the Labour leader, questioned Prime Minister David Cameron over whether he would raise the issue of cheap Chinese steel "flooding the market" with the Chinese president during his visit to the UK this week. </span></p><p>The fall of Caparo comes a week after the closure of the 98-year-old Redcar steelworks in the North East at the expense of 2,200 jobs.</p><p>Falling industrial demand in emerging markets, especially China, has sent commodities prices fall through the floor and made it harder for firms like Caparo to turn a profit. </p><p>Here's how Bloomberg's Commodities Index has performed this year:</p><p><div class="KonaFilter image-container display-table"><div><div class="image"><p class="source"><span>Bloomberg, Business Insider</span></p></div><p></p></div></div></p><p>Combine falling demand with Chinese competition and a strong pound, which makes steel exports relatively more expensive, and you have a recipe for disaster for UK steel firms.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/floyd-mayweather-koenigsegg-4.8-million-car-money-boxing-2015-8">Floyd Mayweather just spent $4.8 million on one of the fastest cars in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1zbTQ3dzqpHPgWF9SU47Z800eUPuTDvk" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Britain's steel industry is in meltdown

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">A worker wearing protective glasses welds steel products at a heavy equipment manufacturing factory in Luoyang, Henan province May 1, 2013.</p></div><p></p></div></div>The FTSE 100 just closed down by 0.11% at 6,345.13 in London, pulled lower for the second consecutive day by mining companies.</p><p>Investors pulled out of many of the metal-heavy mining stocks on Tuesday as falling commodity prices hit another British steel company.</p><p>Tata Steel announced today that it is going to cut <a href="http://www.bbc.co.uk/news/business-34578119">1,200 jobs its plants in Scunthorpe and Lanarkshire</a>. This comes after the 98-year-old Redcar steelworks in the North East closed down at the expense of 2,200 jobs. Meanwhile, parts of Caparo Industries' steel operations are going into administration and 1,800 people are set to lose their jobs.</p><p><a href="http://uk.businessinsider.com/steel-company-caparo-administration-2015-10">Steel prices have fallen to their lowest levels in 12 years </a>and a range of British companies are struggling to survive. The industry blames China's glut of production and imports for pushing down prices. This is because prices in Europe and Asia are so low, Britain can't compete. It's just cheaper to import it in because it's too costly to produce it in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>.</p><p>On the flipside, falling global demand and a strong pound makes steel exports relatively more expensive. Britain is in the worst spot, right now.</p><p>Metals mining company Vedanta Resources closed down by nearly 8% while Anglo American, BHP Billiton, and Rio Tinto all closed in negative territory.</p><p>The drag on the FTSE cancelled out all the positive gains from companies such as InterContinental Hotels Group which closed up by nearly 7% on a set of positive results.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Google Finance</span></p></div><p></p></div></div></p><p>Here's a snapshot of the rest of Europe:</p><p><strong>German DAX: -0.18%</strong></p><p><strong>French CAC: -0.66%</strong></p><p><strong>Eurostoxx 50: -0.5%</strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/survive-elevator-crash-fall-2015-9">How to make it out of a free-falling elevator alive</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5kc2pucTqDfClqh9g4NEAb6oI_u4JKr4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Miners just erased all the positive gains on the FTSE

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Universal Pictures/"Furious 7"</span></p><p class="caption">Back from the brink!</p></div><p></p></div></div>Britain's steel industry is on the cusp of extinction but it looks like the sector is finally being reined back from the brink of destruction.</p><p><a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">Tata Steel is</a> <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">p</a><a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3">utting its entire UK business up for sale</a> and over 14,000 jobs in Britain are at risk. <a href="http://uk.businessinsider.com/uk-steel-industry-failure-eu-state-aid-rules-imports-exports-prices-2016-3">This is because British steel is too expensive to produce</a>. <a href="http://uk.businessinsider.com/uk-steel-industry-failure-eu-state-aid-rules-imports-exports-prices-2016-3">There is too much of it and no one wants to buy it</a>.</p><p>However, <a href="http://www.bbc.co.uk/news/business-35994323">according to the BBC</a>, it looks like Tata is set to announce some much needed respite on Monday.</p><p>Tata Steel will confirm a deal with financiers Greybull Capital, <a href="http://www.bbc.co.uk/news/business-35994323">the BBC reports</a>.</p><p>Greybull Capital is a family office that makes long-term investments in private companies.</p><p>The deal will include a £400 million investment package into its Scunthorpe steel plant - which has been up for sale since 2014- and will secure around 4,800 jobs. Greybull is also reported to be backing a turnaround plan which include a pay cut for staff - although unions will ballot on this. You can read the <a href="http://www.bbc.co.uk/news/business-35994323">BBC's full report here</a>.</p><p>If the sale goes ahead, this will be the latest in a line of deals Tata Steel has secured as it plans to exit the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> steel industry.</p><p>Earlier this week, Sanjeev Gupta, founder of commodities group Liberty House, <a href="http://uk.businessinsider.com/sanjeev-gupta-released-a-demands-list-to-keep-british-steel-plant-port-talbot-open-2016-4">said he is looking at buying the Port Talbot plant in Wales</a><a href="http://uk.businessinsider.com/sanjeev-gupta-released-a-demands-list-to-keep-british-steel-plant-port-talbot-open-2016-4"> where 4,000 jobs are at risk</a>. Britain's biggest steelworks Port Talbot is said to be losing around £1 million per day.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">Steel tycoon Sanjeev Gupta arrives at the Department for Business, Innovation and Skills in London, Britain April 5, 2016.</p></div><p></p></div></div>Gupta has already saved a Newport steel mill in October and <a href="http://www.theguardian.com/business/2016/apr/06/sanjeev-gupta-uk-steel-tata">saved </a><a href="http://www.theguardian.com/business/2016/apr/06/sanjeev-gupta-uk-steel-tata"> almost 1,000 jobs in the Midlands when the Caparo steel empire went bankrupt. He also has sealed a deal with two of Tata Steel's sites in Lanarkshire, Scotland. </a></p><p>However, while it looks like Britain's steel industry is set to be saved, there are a number of concessions to consider.</p><p><a href="http://www.ft.com/cms/s/0/f618c7ce-fb40-11e5-8f41-df5bda8beb40.html#axzz451Srktdk">Gupta told the Financial Times</a> that the following needs to happen in order for his company to buy Port Talbot:</p><ul><li><strong>Remove pension liabilities.</strong></li><li><strong>Remove environmental liabilities.</strong></li><li><strong>Lower power costs for steel plants.</strong></li></ul><p>His demands aren't out of this world though -<a href="http://uk.businessinsider.com/uk-government-incentives-for-buying-tata-steel-plants-2016-4"> the government floated these ideas to help find a buyer</a>, last week.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-economics-westeros-iron-throne-lannisters-2016-4">This hidden subplot of 'Game of Thrones' spells out the real trouble for the Lannisters</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvNncydDrkw0Adz4yS0Vsg8DPK1cte-i" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Britain's steel industry is being pulled back from the brink of destruction

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Anindito Mukherjee</span></p></div><p></p></div></div>Good morning! Here's what you need to know in markets on Wednesday.</p><p><a href="http://www.businessinsider.com.au/china-manufacturing-pmi-may-2016-6"><strong>Chinese manufacturing is</strong> on <strong>a bit of a roll.</strong> </a>China's manufacturing sector expanded for the third month in a row in May, albeit at a marginal pace of growth. According to China's National Bureau of Statistics (NBS), the official manufacturing purchasing managers' index (PMI) held steady at 50.1 during the month, bucking expectations for a decline to 50.0.</p><p><a href="http://www.businessinsider.com.au/australia-q1-gdp-report-2016-6?wt=2"><strong>Australian GDP expanded for a record 20th consecutive quarter.</strong></a> Real gross domestic product (GDP) grew by 1.1% in Q1 in seasonally adjusted chain volume terms, seeing the year-on-year growth rate accelerate to 3.1%, the fastest pace seen since the September quarter 2012.</p><p><a href="http://www.businessinsider.com/r-apple-plans-to-sell-1-billion-of-30-year-bonds-in-taiwan---sources-2016-6"><strong>Apple is planning on selling bonds in Taiwan.</strong> </a>For the first time Apple is planning to issue bonds in Taiwan, home to its supply chain, with the goal of raising $1 billion in funds, sources familiar with the matter told Reuters on Wednesday.</p><p><strong><a href="http://www.businessinsider.com/r-toyota-in-talks-to-buy-robotics-divisions-from-alphabet---nikkei-2016-6">Toyota wants to buy parts of Alphabet.</a> </strong>The Japanese automaker is discussing an acquisition of Alphabet's Boston Dynamics - known for the Cheetah, which is claimed to be the world's fastest-legged robot - and Schaft, a venture that was led by two former Tokyo University professors, a report from Nikkei said.</p><p><a href="http://www.ft.com/cms/s/0/5eaa3e44-27b0-11e6-8b18-91555f2f4fde.html#axzz4AD2YGrxF"><strong>Tata Steel has completed the sale of part of its European business.</strong> </a>The Indian firm's long products business, which includes the steelworks in Scunthorpe and two mills on Teesside, as well as a mill in France, has been sold to Greybull Capital, for a nominal fee believed to be £1, according to the Financial Times.</p><p><a href="http://www.bloomberg.com/news/articles/2016-05-31/saudi-arabia-said-to-weigh-bond-sale-of-as-much-as-15-billion"><strong>Saudi Arabia is about to issue a bond.</strong> </a>The Kingdom is thinking about a sale of as much as $15 billion of bonds this year in light of the investor demand for Qatar's recent issue, report Bloomberg's Ambereen Choudhury, Dinesh Nair, and Ruth David. This would be Saudi Arabia's first bond sale in international capital markets.</p><p><strong><a href="http://www.businessinsider.com/r-oil-prices-fall-on-rising-middle-east-output-china-demand-concerns-2016-5">The price of oil is slipping.</a> </strong>Around 6:50 a.m. BST (1:50 a.m. ET) both major benchmarks have dropped, with US WTI crude off by 0.86% to $48.68 per barrel. Brent crude, the international is down 1% to $49.39. The falls come ad production from the major Middle East exporters was expected to remain high or even increase just as concerns over the state of China's economy weighed on its fuel demand outlook, Reuters reports.</p><p><strong><a href="http://www.businessinsider.com/carl-icahn-just-announced-a-new-position-2016-5">Carl Icahn has a big new position</a>.</strong> The legendary investor has announced a new position in Allergan Pharmaceuticals.</p><p><strong><a href="http://www.businessinsider.com/jose-cuervo-reportedly-planning-ipo-2016-5">Jose Cuervo, the world's largest tequila producer, is planning a $1 billion IPO</a>.</strong>Like the US, Mexico hasn't seen much IPO action this year.</p><p><strong><a href="https://www.markiteconomics.com/Survey/Page.mvc/PressReleases">It is manufacturing PMI day in Europe.</a></strong> From 8:15 a.m. BST (3:15 a.m. ET) we'll get readings on the state of manufacturing in Spain, Italy, France, Germany, Greece, the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>, and a eurozone wide number from Markit's Purchasing Managers' Index.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know in markets today

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Stringer</span></p></div><p></p></div></div>Business secretary Sajid Javid is trying to set himself up as the man to save the British steel industry from a<a href="http://uk.businessinsider.com/steel-company-caparo-administration-2015-10"> crisis.</a></p><p>And he's trying to get the EU's help to do it.</p><p>Javid has called a series of emergency meetings with EU officials to try and push the UK's steel crisis to the top of the agenda.</p><p>On Wednesday he is meeting with Cecilia Malmstrom, the EU Trade Commissioner, as well as other senior officials.</p><p>The meetings will include seeing the EU's Trade Commission Vice President Jyrki Katainen, along with Industry and Internal Market Commissioner Elzbieta Bienkowska.</p><p><a href="http://www.bbc.co.uk/news/business-34654403">According to the BBC,</a> Javid has been contacting EU member states to push home the need for urgent action on the huge problems facing steelmakers across Europe.</p><p>"I want to see steel top of the EU agenda ... We cannot stand by while the steel industry across Europe, not just in the UK, faces such unprecedented challenges. The government wants to work with the EU and our European partners to do all we can to support our steel industry," said Javid.</p><p>Javid is trying to jump to the rescue of the industry which <a href="http://uk.businessinsider.com/uk-steel-industry-caparo-tata-teeside-in-trouble-because-of-europe-steel-costs-not-just-china-2015-10">has seen a perfect storm of problems </a>push many of Britain's steelmakers to the brink. Global steel prices have sunk to their lowest levels in 12 years, due to a global oversupply caused by production in China.</p><p>The British industry simply cannot compete and it is now far cheaper to import steel than it is to use the British stuff. Add to that the high cost of exporting British steel thanks to the strong pound and it is clear to see why Sajid Javid wants to intervene.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Bloomberg</span></p><p class="caption">Global steel prices have been steadily declining for years, causing most of the British industry's problems</p></div><p></p></div></div></p><p>On Tuesday, Anna Soubry, the business minister told MPs that Javid wants to prevent the dumping of cheap steel, and is open to exploring the "nuclear option" of protectionism, saying "I think safeguarding, which is what we call the nuclear option, is certainly one of the options that we are at least considering."</p><p>As Javid meets with EU officials, steel industry unions are preparing to lobby MPs about the growing crisis,<a href="http://www.bbc.co.uk/news/business-34654403"> according to the BBC</a>. Roy Rickhuss, the general secretary of the Community Union has already sent the business secretary a letter calling for a meeting.</p><p><span>"Considering the urgency of the situation, and the ongoing threat to jobs and businesses across the UK, I believe it is important you meet with representatives of the steel unions at the earliest opportunity to discuss recent events and how we might work together in support of the industry." he said in the letter, parts of which were originally published by the BBC.</span></p><p>As it stands, the Redcar steelworks, one of Britain's oldest, has already closed down, costing more than 2,000 jobs, and Tata steel is cutting 1,200 from its plants in Scunthorpe and Lanarkshire. Add to this Caparo going into administration and it's clear the industry is in bad shape. </p><p>One of the biggest problems facing British steel plants is the huge cost of implementing new EU emissions rules that come into play in January.</p><p>The rules would cost plants millions of pounds, however the government has now submitted a proposal to Brussels which would allow British plants up to four and a half more years to come into line with the regulations. <span style="line-height: 1.5em;">This would allow plants to spread their costs across a much longer period.</span></p><p>In a statement on Tuesday Sajid Javid said: "I am acutely aware of the challenges currently facing our steel industry and where the government can help support them we will. We recognised the costs these regulations could have and are working with businesses to agree a flexible and common sense way forward that doesn't damage our competitiveness."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/john-paul-dejorias-rag-to-riches-story-2015-10">Homeless man turned billionaire shares the secret to the American dream</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9kcGMzcDoKH3S1GFx001rJvoy5kiSCRO" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Britain is trying to get the EU's help to revive its crisis-hit steel industry

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">An employee works at the Changning steel and iron factory in Changzhi, Shanxi province.</p></div><p></p></div></div>Britain's steel industry is on the brink of collapse and a lot of people are blaming China for its glut of production, pushing down prices and making it impossible for <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> companies to do business.</p><p>But it's not just China you have to blame for the demise of Britain's steel industry - it is also Europe.</p><p><a href="http://uk.businessinsider.com/steel-company-caparo-administration-2015-10">Steel prices have fallen to their lowest levels in 12 years </a>and a range of British companies are struggling to survive. This is because prices in Europe and Asia are so low, Britain can't compete. It's just cheaper to import it in because it's too costly to produce it in the UK.</p><p>On the flipside, falling global demand and a strong pound makes steel exports relatively more expensive. Britain is in the worst spot, right now.</p><p>The 98-year-old Redcar steelworks in the North East closed down at the expense of 2,200 jobs and <a href="http://www.bbc.co.uk/news/business-34578119">Tata Steel is allegedly going to announce around 1,200 job cuts at its plants in Scunthorpe and Lanarkshire</a>. Meanwhile, parts of Caparo Industries' steel operations are going into administration and 1,800 people are set to lose their jobs. It's an utter bloodbath.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/BI</span></p></div><p></p></div></div>"We have had a succession of ministers, and now the prime minister, saying that they will 'raise' the issue of Chinese steel dumping, which we know is impacting on the UK steel industry and the global steel price," said Roy Rickhuss, general secretary of the trade union Community.</p><p>"The prime minister needs to do more than 'raise' the issue. He needs to tell the Chinese premier what action he's going to take to stop Chinese steel damaging the future of a vital foundation industry in the UK."</p><p>China's crude steel production over the last decade had exploded, bringing hundreds of millions of tonnes more per year to the market.</p><p>"It is clear that the steel industry has, for the time being, reached the end of a major growth cycle which was based on the rapid economic development of China," said Hans Jürgen Kerkhoff, Chairman of the Worldsteel Economics Committee last week. "Combined with China's slowdown we also face low investment, financial market turbulence and geopolitical conflicts in many developing regions. The steel industry is now experiencing low-growth which will last for the time it takes for other developing regions of sufficient size and strength to produce another major growth cycle."</p><p>Worldsteel Economics Committee forecasts a 2.1% drop in steel demand in developed economies this year. A drop in demand means exporting is difficult. This is on top of lower Asian and European steel prices remaining low.</p><p>Take a look at how the UK steel industry is made up:</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>EEF</span></p></div><p></p></div></div></p><p>In tandem, Britain's dependence on Europe, not China, for imports means the UK is more exposed to lower European prices: </p><p class="story-body__introduction"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>EEF</span></p></div><p></p></div></div></p><p class="story-body__introduction"><span>But Foreign Secretary Philip Hammond said this morning that "it's wrong" to blame only the Chinese the glut in steel production pushing down prices.</span></p><p class="story-body__introduction"><span>"That's a problem, but it's not only the Chinese," he said on the Today programme. It's true, Germany has had a healthy and steady growth in steel production over the last few years.</span></p><p class="story-body__introduction">Earlier this morning on BBC Radio 5's Wake Up To Money programme, Peter Brennan from Steel Business Briefing highlighted how "the real competition" comes from European suppliers, "who are helped by the euro's relative weakness against the pound."</p><p class="story-body__introduction">He added that higher business costs are forcing Britain into an un-competitive position. For example, the British <span>government's business rates are around 10 times higher than competitors' in France and Germany, <a href="http://www.bbc.co.uk/news/business-34339160">according to UK Steel</a>. </span></p><p class="story-body__introduction">Basically, Britain is in the worst spot of them all, and right now, and companies are finding it exceptionally difficult to produce or export steel in order to make any money. British steel companies also don't really have the support of the government like Germany or France to keep rates low. So really, UK is better off just closing everything down.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/victorias-secret-doesnt-carry-plus-sizes-mistake-women-lingerie-2015-9">Victoria's Secret is making one mistake that is driving away a lot of women</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="llMGh2dDrrj4WAYxUAwPN6kOTorsTptK" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Blame Europe for destroying Britain's steel industry - not just China

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.gettyimages.co.uk/detail/news-photo/shoppers-walk-among-christmas-lights-at-a-shopping-mall-two-news-photo/502243800">Sean Gallup/Getty Images</a></span></p><p class="caption">Shoppers walk among Christmas lights at a shopping mall two days before Christmas Eve on December 22, 2015 in Berlin, Germany.</p></div><p></p></div></div>Good morning! Here are the 10 things you need to know in markets on Wednesday.</p><p><strong><keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> GDP figures are coming. </strong>Final estimates for third quarter growth are due at 9.30 a.m. GMT (4.30 a.m. ET), with economists expecting quarter-on-quarter growth to remain unchanged a 0.5% and year-on-year growth to remain at 2.3%. French GDP figures are also due at 7.45 a.m. GMT (2.45 a.m. ET).</p><p><strong>US crude oil prices briefly moved into a premium over internationally traded Brent overnight, following an unexpected drop in American inventories and potential exports.</strong> Front-month US West Texas Intermediate (WTI) crude futures were trading at $36.33 (£24.47) per barrel at 2.20 a.m. GMT (9.20 p.m. ET), with Brent at $36.29 (£24.44) per barrel. <a href="http://www.businessinsider.com/r-us-crude-flips-into-premium-over-brent-as-exports-loom-inventories-dip-2015-12?IR=T">This flipped WTI from a long-standing discount into a slight premium over the international benchmark for the first time since a brief period in November 2014 and, before that, since 2010</a>.</p><p><strong>Asian markets are muted.</strong> Japan's Nikkei is down 0.16% at time of writing (6.30 a.m. GMT/1.30 a.m. ET), the Hong Kong Hang Seng is up 1.20%, and the Shanghai Composite is up 0.46%, all with thin trade. US markets closed higher overnight, <a href="http://uk.businessinsider.com/closing-bell-december-22-2015-12">enjoying a long-awaited Santa Rally</a>.</p><div class="firstPar"><p><strong>Tata Steel UK is in exclusive talks with Greybull Capital over a potential sale of its "Long Products Europe" business, offering a lifeline for several thousand jobs at UK steel plants currently earmarked for closure.</strong> <a href="http://www.telegraph.co.uk/finance/newsbysector/industry/12063842/Tata-enters-exclusive-talks-with-Greybull-to-save-Scunthorpe-steelworks.html">The Telegraph reports that</a> if the sale were to go ahead, it would include a number of UK-based assets, including Tata Steel UK's Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities.</p></div><p><strong>Goldman Sachs has added three new bankers to its inner circle.</strong> On Monday, CEO Lloyd Blankfein and President Gary Cohn announced in a memo, <a href="http://uk.businessinsider.com/goldman-management-committee-adds-gregg-lemkau-marc-nachmann-jim-esposito-2015-12">seen by Business Insider</a>, that Gregg Lemkau, Marc Nachmann and Jim Esposito would be joining the firm's management committee.</p><p><strong>Deutsche Bank has flagged as much as $10 billion (£6.74 billion) in total trades that may not have been vetted for money laundering as clients moved money out of Russia.</strong> <a href="http://www.bloomberg.com/news/articles/2015-12-22/deutsche-bank-tally-of-suspect-russia-trades-said-at-10-billion">Bloomberg reports</a> that transactions under scrutiny include those in which trading in an account went consistently in one direction - primarily buy orders, for example - according to people familiar with the matter.</p><p><strong>Five of the world's biggest investment banks paid no corporation tax in Britain last year despite making billions of pounds in profits.</strong> According to an analysis of the banks' corporate filings by Reuters, JP Morgan, Bank of America Merrill Lynch, Deutsche Bank AG, Nomura Holding and Morgan Stanley all said their main UK arms paid no corporation tax, <a href="http://www.independent.co.uk/news/business/news/five-of-worlds-biggest-investment-banks-pay-no-uk-corporation-tax-a6783716.html">The Independent reports</a>.</p><p><strong>Greece's international creditors on Tuesday handed over a payment of €1 billion (£740 million, $1.09 billion) under the terms of its third bailout programme, after Athens met their demands for further tough economic reforms.</strong> The European Stability Mechanism, the 19-nation eurozone's bailout fund, <a href="http://www.businessinsider.com/afp-creditors-hand-greece-1-billion-euros-2015-12?IR=T">said the funds will help Athens repay debt, balance the budget, and finance projects</a>.</p><p><strong>Credit Suisse thinks oil prices won't get anywhere near the highs of last year until at least 2020. </strong><a href="http://uk.businessinsider.com/credit-suisse-oil-price-forecasts-2016-and-beyond-2015-12">Oil prices have collapsed from triple digits last summer to below $40 (£26.94) a barrel amid a chronic oversupply issue.</a></p><p><strong>The Pentagon and other US government agencies should complete a legislative proposal in coming weeks to let regulators block proposed mergers for national security reasons, instead of just antitrust concerns, a top official told Reuters on Tuesday.</strong> Defense Undersecretary Frank Kendall, who oversees arms weapons acquisitions and industrial base issues for the Pentagon, <a href="http://www.businessinsider.com/r-pentagon-eyes-proposal-for-ma-changes-in-weeks--2015-12?IR=T">made the comments in an interview</a>, after first mentioning the legislative push in September.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "Scunthorpe steelworks" and got 10 results

Tata Steel UK sells its Europe Long Products business to Greybull

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4,800 jobs were just saved by a deal for part of Tata Steel

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Britain's steel industry is in meltdown

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Miners just erased all the positive gains on the FTSE

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Britain's steel industry is being pulled back from the brink of destruction

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10 things you need to know in markets today

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Britain is trying to get the EU's help to revive its crisis-hit steel industry

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Blame Europe for destroying Britain's steel industry - not just China

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