Tata Steel agrees to sell speciality steel biz to Liberty House

By | February 9, 2017

A company logo is seen outside the Tata steelworks near Rotherham in Britain, in this March 30, 2016 file photo. REUTERS/Phil Noble/File Photo

India’s Tata Steel Ltd (TISC.NS) said on Thursday its British arm has signed a definitive agreement to sell its speciality steel business to Liberty House Group for 100 million pounds.

The deal covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, Tata Steel said in a filing to Indian stock exchanges.

Speciality Steels directly employs about 1,700 people making steel for aerospace, automotive, and oil and gas businesses, it said.

Tata and Liberty House had entered into exclusive talks in November as the Indian group seeks to offload its money-losing assets and restructure European operations.

[Source:- reuteres]