Wednesday, 1 June 2016

Tata Steel Completes Sale Of Long Products Europe Business To Greybull : 01 June 2016


  • Tata Steel UK today announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP.
  • 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.
  • Mr Bimlendra Jha, Executive Chairman of the Long Products Europe business and CEO of Tata Steel UK said: 'As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and 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.
  • 'Employees and trade unions have worked closely with the Long Products Europe management team to improve the business's prospects, putting it in a more competitive position than it has been for many years.
  • It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market'.
  • 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.
  • The sale follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital to achieve this outcome.
  • Shares in Tata Steel were last trading at Rs 334.

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