Tata Steel may sell UK unit to Greybull Capital
Tata Steel UK has signed a letter of intent with Greybull Capital, an investment company, to enter exclusive negotiations for a potential sale of its long products Europe business. This development was revealed by Tata Steel , the largest steel producer in the country, on Tuesday. Tata Steel UK is an indirect subsidiary of Tata Steel Europe. The memorandum covers several UK-based assets such as the Scunthorpe Steelworks, mills in Teesside and north France, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities. It also includes Scottish mills in Dalzell and Clydebridge, which are currently being “mothballed”, said Tata Steel in its notification to the exchanges. “This is an extremely critical time for the whole industry, and we have been working hard to explore all options that could provide a future for the long products Europe business,” the notification said, quoting Karl Koehler, the chief executive of Tata Steel’s Eur...