Tata Steel completes sale of European unit
1 Jun 2016
Tata Steel UK has announced completion of the sale of its Long Products Europe business to Greybull Capital.
The Long Products Europe business, which includes the Scunthorpe steelworks and two mills in Teesside, has undergone a year-long restructuring of assets to target higher-value markets. The business currently employs 4,400 people in the UK and 400 in France.
Employees and trade unions have worked closely with the Long Products Europe management team to improve the business’ prospects
Bimlendra Jha, chief executive, Tata Steel UK
“Employees and trade unions have worked closely with the Long Products Europe management team to improve the business’ prospects, putting it in a more competitive position than it has been for many years,” said Bimlendra Jha, executive chairman of the Long Products Europe business and chief executive of Tata Steel UK.
“It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market.”
A sale price was not revealed, however previous reports in the Financial Times indicated the companies had agreed on a nominal £1.
Tata Steel did not comment on its progress in finding bidders for the remainder of its UK steel business. However, last month the company said it had received seven expressions of interest.
