Greybull Capital sign deal to buy Steelworks

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 Tata Steel UK announced the signing of an agreement to sell its Long Products Europe Business to Greybull Capital on 11 April 2016. 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 process will include the name of the company changing back to British Steel.

11 April 2016 marked a significant milestone in the sale of the Long Products Europe business. This sale is the best outcome for employees.

The agreement follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital who have worked constructively together. The agreement is an important milestone on
 the road towards continuing steelmaking in Scunthorpe.

The Sale covers several UK-based assets including the Scunthorpe Steelworks, two mills in 
Teeside, an engineering workshop in Workington and a design consultancy in York.

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