Tata Steel completes sale to Greybull; 4,800 jobs saved

Tata Steel UK has completed the sale of its long products Europe business to Greybull Capital LLP, saving 4,800 jobs in the UK and France.

As of Wednesday, the 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.

It employs 4,400 people in the UK and 400 in France.

Over the last twelve months, the business has implemented a transformation plan including a portfolio restructuring of assets, which has focused it on higher-value markets supported by a more competitive cost base, Tata said.

Bimlendra Jha, executive chairman of the long products Europe business and chief executive officer of Tata Steel UK, said: "As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement program that has been initiated in the last 12 months.

“Employees and trade unions have worked closely with the long products Europe management team to improve the business's prospects, putting it in a more competitive position than it has been for many years. It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market.”