4800 jobs saved: Tata Steel sells European operations to Greybull Capital

Tata Steel, on Wednesday, said that it has completed the sale of its long products business in Europe to Greybull Capital LLP.

The company said, “From today the Long Products Europe 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.”

‘All together the business employs 4,800 people – 4,400 in the UK and 400 in France, Tata Steel said.

Bimlendra Jha, Executive Chairman of the Long Products Europe business and CEO of Tata Steel UK said: “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.”

The share price of the company rose 0.64%, at Rs 336.60 at 1020 hours.

Tata Steel said, “During the last twelve months, the 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.”