Tata Steel UK Ltd has signed an agreement to sell its long product Europe business to Greybull Capital.
The sale for a nominal consideration would be in exchange of Greybull Capital taking on the whole business, including assets and relevant liabilities and securing appropriate funding package, Tata Steel said in a statement.
The long product Europe business employs 4,800 people – 4400 in the UK and 400 in France.
The agreement is an important milestone on the road towards continuing steel making in Scunthorpe and steel processing in other locations in the UK and France.
The sale covers several UK-based assets, including the Scunthorpe Steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, associated distribution facilities, as well as a mill in northern France.