Tata Steel agrees to sell specialty steel unit for 838 crore
Shital Jibhe / 10 Feb 2017
Tata Steel enters into a definitive agreement to sell its UK steel business to Liberty House Group for 838 crore. Speciality Steels makes steel for aerospace, automotive, oil and gas businesses and directly employs about 1,700 people.
Tata Steel enters into a definitive agreement to sell its UK steel business to Liberty House Group for 838 crore. Speciality Steels makes steel for aerospace, automotive, oil and gas businesses and directly employs about 1,700 people.
The sale agreement with Liberty House was going on for months, after the two companies finally decided to enter into an exclusive discussion. The deal between the two companies were prolonged due to the complicated negotiations over huge pension deficit of Tata Steelin United Kingdom.
Tata Steel said the deal covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, steel purifying facility in Stockbridge, a mill in Brinsworth as well as service centres in Bolton (UK) and in Suzhou, Xi'an (China).
The sale of Tata Steel’s speciality steel business in UK & Thyssenkrupp’s interest together posted its first profit in 5 quarters, helped by a strong performance by its Indian business.
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