Tata Steel Ltd.

Tata Steel UK has signed an agreement to sell its Long products Europe business to investment firm Greybull Capital for a nominal consideration. The sale covers several UK-based assets including 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 mill in northern France.

The deal would be completed once a number of outstanding conditions have been resolved, including transfer of contracts, certain Government approvals and the satisfactory completion of financing arrangements. The Long products Europe business employs 4,800 people - 4,400 in the UK and 400 in France. The agreement follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital who have worked constructively together. The agreement is an important milestone on the road towards continuing steelmaking in Scunthorpe and steel processing in other locations in the UK and France.

Tata Steel UK manufactures, processes, and distributes steel products. The company was incorporated in 1988 and is based in London, United Kingdom. Tata Steel UK operates as a subsidiary of Tata Steel Europe.