02 May 2017: Tata Steel UK has completed the sale of its Speciality Steels business to Liberty House Group for a total consideration of £100 million.
The sale covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi’an, China. Speciality Steels directly employs about 1,700 people making steels for the aerospace, automotive and the oil & gas industries.
Bimlendra Jha, CEO of Tata Steel UK, said: “As a responsible owner, Tata Steel in the last couple of years has undertaken a transformation plan at Speciality Steels, including investing in a state-of-the-art vacuum induction melting furnace, to ensure the business can have a sustainable future.
“We thank the employees, trade unions and management of Speciality Steels for their diligent hard work in the journey to turn around the business in difficult times and we wish them a successful future under new ownership.”
Tata Steel UK recently completed a consultation with its employees on proposals to structurally reduce risks in its wider UK business. It is also in discussions with the British Steel Pension Scheme trustees and the Pension Regulator to develop a structural solution for its UK pension scheme in the coming months.
Tata Steel’s UK business continues its process of transformation that is essential to create a viable future for its UK strip products business. Tata Steel’s strip products business will continue to employ almost 8,500 people in the UK, manufacturing products for sectors like the automotive and construction industries.
Tata Steel has invested £1.5 billion in its UK business since acquiring Corus in 2007. New investments to improve manufacturing capability will enable the production of premium steels in Shotton, Llanwern, Trostre, and Orb in Newport, as well as environmental schemes for Port Talbot’s power plant. Investments in packaging steels, electrical steels, an automotive finishing line, laser welding and next-generation coated products support the company’s focus on making differentiated and advanced steel products for key manufacturers in the UK and elsewhere.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
PayPal India launches ‘Ab Diwali 365 days wali’ consumer campaign in partnership with social media influencers
Manishi Sanwal, CEO, Flemingo Travel Retail Ltd., quits to start his own venture in the field of Data Analytics
SKILLATHON COMES TOGETHER TO HELP INDIA GAIN AI SUPREMACY
Top 18 teams set to battle it out in NTPC Electron Quiz Grand Finale on October 14, 2019
Early detection is the key for the treatment of hip-joint arthritis
2014 The Global Indian New Network (TGINN)