Tata Steel has completed the sale of its Long Products Europe business to Greybull Capital, saving 4,400 UK jobs.
The Long Products Europe business includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France.
The Scottish mills – based in Dalzell and Clydebridge – have not been included in the deal.
During the last 12 months, the Long Products division has restructured its assets and focused the business on higher-value markets, which it said have been supported by a more competitive cost base.
Long Products Europe executive chairman and Tata Steel UK chief executive Bimlendra Jha said: “As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull Capital ownership, the business will continue the momentum of the improvement programme that has been initiated in the last 12 months.”
He added: “Employees and trade unions have worked closely with the Long Products Europe management team to improve the business’s prospects, putting it in a more competitive position than it has been for many years.
“It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market.”
The Long Products division employs 4,400 staff in the UK and 400 in France.