Tata Steel UK Limited, a subsidiary of India-based Tata Steel Limited, has announced that it has signed an agreement to sell its Long Products Europe business, which employs 4,400 people in the UK and 400 people in France, to UK-based investment company Greybull Capital.
The agreement follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital who have worked constructively together. According to Tata Steel UK, 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.
The sale covers several UK-based assets including 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 mill in northern France.