Tata Steel UK has decided to sell its Speciality Steels business to Liberty House in the first major sign that the strategy laid out by former chairman Cyrus Mistry for the steel business is being implemented without any deviations. Tatas are expected to sell the business for about £100 million.
Indian-origin businessman Sanjeev Gupta, who owns Liberty House, was among the frontrunners to buy the struggling steelmaker’s plant in the UK before Tatas agreed to opt for a merger with German giant ThyssenKrupp. The move comes weeks after Tata Sons chairman Cyrus Mistry was ousted. Mistry, along with senior management personnel of Tata Steel, had drawn up a plan to sell parts of Tata Steel’s UK business or merge them with other European giants such as ThyssenKrupp.