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In 2015, Tata Steel was looking to sell its facilities in Port Talbot, Hartlepool, Rotherham, and Stocksbridge, which was put on hold due to Brexit. In April 2016, Tata Steel's Long Products Europe Division located in Scunthorpe, England was sold to Greybull Capital LLP. [62] The unit was renamed as British Steel Limited. [63] [64]
Tata Steel had been trying to sell its struggling UK steel business since 2014. [51] Tata was in exclusive talks with Greybull, since December 2015, when they signed a Letter of Intent to sell Long Products Europe. The UK government was under pressure to help a sale process after Tata announced in March 2016 it would withdraw from the UK market.
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In April 2016 the long products division including the Scunthorpe works as the only primary steel producer and main employer was sold by Tata to Greybull Capital for a nominal sum of £1. [95] The business was renamed British Steel Ltd.
In late 2015 Tata Steel UK reached a preliminary agreement with Greybull Capital for it to acquire Tata's European long products division, [34] excluding the Dalzell and Clydebridge plants. [35] In early 2016 CEO Karl Koehler stood down to be replaced by CTO Hans Fischer. [36]
British Steel Limited is a long steel products business founded in 2016 with assets acquired from Tata Steel Europe by Greybull Capital, then acquired by Jingye Group in 2020. [4] The primary steel production site is Scunthorpe Steelworks , with rolling facilities at Skinningrove Steelworks , Teesside .
The works together with other BSC companies became part of Corus Group plc in 1999, and Tata Steel Europe in 2006. In 2016, Tata Europe's long products division, with Scunthorpe Steelworks as the main site, and including the special sections mill at Skinningrove was sold to Greybull Capital. [25] [26]
Tata Sons Pvt. Ltd. is the holding company of the Tata Group, headquartered in Mumbai.It owns the bulk of shareholding in the Tata group of companies including their land holdings across India, tea estates and steel plants, and derives its revenue from dividends from these companies and brand loyalty fees.