Tata steel UK sells Europe arm to Greybull Capital
Greybull, which has turned around other sick companies is said to be investing 400 million pounds to restore the company to good health.
Mumbai: Tata Steel UK has finally been able to sell its Long Products Europe business to Greybull Capital. The Long Products Europe business, in the UK will trade under the name of British Steel. The transaction steelmaker 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.
Theses facilities employ 4,800 people to 4,400 in the UK and 400 in France, said Mr Bimlendra Jha, executive chairman of the Long Products Europe business and the CEO of Tata Steel UK.
Greybull, which has turned around other sick companies is said to be investing 400 million pounds to restore the company to good health. Tata, had acquired the huge loss-making Corus UK in 2007 and was one of the biggest takeovers at that time.