Tata Steel UK has announced the signing of an agreement to sell its Long Products Europe business to the family investment office, Greybull Capital. The sale for a nominal consideration, would be in exchange for Greybull Capital taking on the whole of the business, including assets and relevant liabilities, and securing an appropriate funding package.
The sale covers several UK-based assets including 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 mill in northern France.
Tata Steel’s Long Products Europe business is made up of Scunthorpe integrated steelworks; Teesside Beam Mill, Lackenby; Special Profiles, Skinningrove; Hayange Rail Mill, north east France; Immingham Bulk Terminal (port terminal); Engineering workshop, Workington; Design consultancy, York; Associated distribution facilities in the UK and Ireland.
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