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, the 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 and gas industries, Tata Steel said.
Britain’s Indian-origin steel tycoon Sanjeev Gupta on Tuesday announced 300 new jobs and multi-million-pound investments in a steel division formerly owned by Tata Steel. Gupta’s Liberty House, the industrial and commodities group that is buying up steel assets around the world, said it plans to secure the future of five sites across the north of England and West Midlands. The acquisition will make Liberty one of the largest steel and engineering employers in the UK, with over 4,500 workers.
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