Tata Steel UK today said it has completed the sale of its 4.5-million-tonne of long products division to Greybull Capital. “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 improvement programme that has been initiated in the last 12 months,” the company release quoted Bimlendra Jha, executive chairman of the long products Europe business and chief executive officer of Tata Steel UK as saying.
In the last twelve months, long products Europe business has implemented a transformation plan, including a portfolio restructuring of assets, underpinned by committed support from employees and their trade unions. This has focused the business on higher-value markets supported by a more competitive cost base. The long products Europe business, which includes 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 new name of British Steel.