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.
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.