United Kingdom, London: Following its earlier announcement of the decision to sell its poorly performing business in the U.K., India’s Tata Steel has sold its long products business assets in Europe to investment firm Greybull Capital.
Greybull Capital will bring in a package of £400 million ($575 million) provided by a combination of banks and its shareholders, to fund working capital and future investments in the business, reports Metal Miner.
The deal includes the sale of Scunthorpe steel plant, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York, a bulk terminal, and associated distribution facilities.
With this sale, the balance of Tata Steel U.K. business comprises primarily all of its operations at Port Talbot, which manufacture slabs, hot-rolled coil, cold-rolled coil and galvanized coil.
After the sale of all U.K.-based assets, Tata Steel will operate only the Ijmuiden (Netherlands) unit.
Source: Metal Miner