International industrial and metals group Liberty House has announced that it has entered into exclusive negotiations with Tata Steel UK Limited, a subsidiary of India-based Tata Steel Limited, to acquire its specialty steel business for a total value of £100 million subject to due diligence and corporate approvals. Liberty House and Tata Steel expect the acquisition to be completed early in the first quarter of 2017.
According to Liberty House, the acquisition would secure the jobs of around 1,700 steel workers at major production facilities in Rotherham and Stocksbridge, a mill in Brinsworth and at service centers in Wednesbury and Bolton, plus thousands more in the UK supply chain.
Tata Steel UK’s specialty steel business, based largely in South Yorkshire, with service centers in the West Midlands and Lancashire, manufactures a range of high‐value specialty steel products for the automotive and aerospace sectors.