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Tata Steel signs Lol with Liberty House to sell UK Speciality Steels business

28 Nov 2016 Evaluate

Tata Steel has signed a Letter of Intent (Lol) with Liberty House Group to enter into exclusive negotiations for the potential sale of its UK Speciality Steels business for an enterprise value of 100 million pound, subject to due diligence and corporate approvals.

The Letter of Intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK and in Suzhou and Xian, China. Speciality Steels employs about 1,700 people making steels for the aerospace, automotive and the oil & gas industries.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.

Tata Steel Share Price

212.05 1.35 (0.64%)
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