Good deal, or another slash and burn stitch up?
Tata Steel deal saves 4,400 UK jobs
Sale of long products business to Greybull Capital saves Scunthorpe steelworks, two Teesside mills and other facilities
Rob Davies Gwyn Topham
Monday 11 April 2016 13.26 BST
Tata Steel has agreed the sale of its UK long products business to investment group Greybull Capital for a “nominal” fee in a deal that will revive the British Steel brand and could save 4,400 jobs.
The deal will save a steelworks in Scunthorpe, 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.
Tata has been in talks with Greybull since late 2015 on the sale of its long products business. The agreement does not include the Port Talbot steelworks or the rest of Tata’s UK business, which employs about 15,000 staff, for which it is seeking a buyer after putting it put for sale last month.
More:
http://www.theguardian.com/business/2016/apr/11/tata-steel-deal-saves-4400-uk-jobs