Greybull Capital to acquire assets from Tata Steel UK

The sale includes two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, plus a mill in northern France.

Hans Fischer, chief executive of Tata Steel’s European operations, said: “Under these current challenging market conditions in Europe with the soaring levels of imports from China, we are happy that Tata Steel UK and Greybull Capital have entered the final stage of completion of the sale of shareholding in Longs Steel UK.

“This transaction will offer a future for the Long Products Europe business and its 4,400 employees in the UK.”

According to Tata Steel UK, the deal will conclude 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, with 4,400 in the UK and 400 in France.

Gareth Stace, director of UK Steel, said: “This is clearly good news for the British steel sector, and I hope it will provide a much needed boost for steelmaking in the UK.