Tata Steel UK has completed the sale of its Speciality Steels business to Liberty House Group for a total consideration of GBP 100M.
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.
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 has invested GBP 1.5B 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[Only Orb Is Newport, but by putting Newport in it sounds as if all of them are], 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.