4,400 UK jobs secured
British Steel reborn as Tata confirms Greybull deal
The deal will safeguard 4,400 British jobs as well as 400 in northern France and involves the Long Products Europe business.
Greybull Capital will take on the assets and relevant liabilities and will seek an appropriate funding package. It has invested in various sectors including aviation, pharmaceuticals, semiconductors, energy, industrials, retail and leisure.
Bimlendra Jha, executive chairman of the stand-alone Long Products Europe business, said: “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.”
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.
Hans Fischer, chief executive of Tata’s European operations, also welcomed the news. He said: “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.”
Tata Steel’s Long Products Europe business is made up of the following facilities:
· Scunthorpe integrated steelworks
· Teesside Beam Mill, Lackenby
· Special Profiles, Skinningrove
· Hayange Rail Mill, north east France
· Immingham Bulk Terminal (port terminal)
· Engineering workshop, Workington
· Design consultancy, York
· Associated distribution facilities in the UK and Ireland