Hopes that the jobs could be saved in the UK steel industry have taken an upturn following the announcement that Tata Steel has signed a Letter of Intent with Greybull Capital for the potential sale of its Long Products business, based in Scunthorpe.
Tata say that the move would lead to exclusive negotiations with the investment firm that would cover the company's UK-based assets including the Scunthorpe steelworks, a design consultancy in York, mills in Teesside and an engineering workshop in Workington.
Unions welcomed the announcement, the Press Association said, following a spate of job losses in the steel industry and fears for the future of Tata's Long Products business.
About 4,700 people are employed at Long Products Europe and its distribution facilities. Tata Steel Europe employs around 30,000 people across Europe, including about 17,000 in the UK.
