£100m deal struck to sell Speciality Steels
Tata has signed an agreement to sell its Speciality Steels business to Liberty House Group for £100m. The business employs around 1,700 workers - making products for the aerospace, automotive and oil and gas industries - across several sites in South Yorkshire.
Bimlendra Jha, chief executive of Tata Steel UK, said: "This is good news for Speciality Steels and for Tata Steel's core business in the UK.
"For Speciality 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.
"This news also marks another important step forward in realising a more sustainable future for our Port Talbot-based supply chain in the UK."
The company sold its Long Products business, which has a plant in Lisburn, last year.