Tata Steel has confirmed a deal to sell its Long Products Europe business, including Scunthorpe plant, to Greybull Capital.
Business Secretary Sajid Javid said:
Today’s announcement is a step in the right direction for the long-term future of British steel manufacturing in Scunthorpe.
This point wouldn’t have been reached without the efforts of all those involved especially the high skilled workforce and local management. We will now look through the detail and stand ready to provide funding on a commercial basis if required.
The UK and Welsh Governments are working tirelessly to ensure that we can now reach a deal for Port Talbot and the other Tata sites across the UK. This agreement sends positive signals to any potential investor for the rest of Tata’s UK business.