Tata Steel UK Limited, a subsidiary of India-based Tata Steel Limited, has announced that it has completed the sale of its Long Products Europe business to UK-based investment company Greybull Capital.
According to Tata Steel UK’s statement, as of May 31, 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, including 4,400 in the UK and 400 in France.
During the last 12 months, the company’s Long Products Europe business has implemented a transformation plan including a portfolio restructuring of assets, underpinned by committed support from employees and their trade unions.