New Delhi: Global giant Tata Steel on Thursday said it has inked a pact to sell its Specialty Steel business that employs 1,700 people to Liberty House Group for 100 million pound (about Rs 840 crore).
"Tata Steel UK has on Thursday signed a definitive sale agreement to sell its Specialty Steels business to Liberty House Group for a total consideration of GBP 100 million," Tata Steel said in a statement.
The pact covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK and in Suzhou and Xian, China, it said. Specialty Steel directly employs about 1,700 people making steels for the aerospace, automotive and the oil and gas industries.
Tata Steel UK's CEO Bimlendra Jha said: "This is good news for Specialty Steels and for Tata Steel's core business in the UK. For, Specialty Steels, which is largely independent of our European strip products supply chain, this is an important step forward in securing a future for the business under new ownership."
It also marks another important step forward in realising a more sustainable future for Port Talbort-based supply chain in the UK, he said.
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