Tata Steel in talks to sell struggling UK Long Products assets to greybull

Tata Steel is in talks with investment firm Greybull Capital to sell its struggling Long Products Europe business in the UK, the Indian steel giant said on Tuesday. Greybull Capital has signed a letter of intent with the Tata Steel, battered by low prices, to try to reach a deal to buy the business, which includes mills at Scunthorpe in east England, Lanakrshire in Scotland, Teesside in north-east England and in northern France. “Tata Steel UK Ltd (TSUK), an indirect subsidiary company of Tata Steel Europe (TSE), announced the signing of a Letter of Intent with Greybull Capital to enter exclusive negotiations for the potential sale of its Long Products Europe business,” Tata Steel said in a Bombay Stock Exchange filing. The memorandum covers several UK-based assets including TSUK’s Scunthorpe steelworks, mills in Teesside and northern France, an engineering workshop in Workington, a design consultancy in York and associated distribution facilities.