Tata Steel completes sale of Scunthorpe steel operations

Tata Steel which has plants at Port Talbot, Llanelli, Newport and Shotton has sold its Scunthorpe operation saving 4,000 jobs in the UK.

The company has announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP.

From today the businesses affected include the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington and a design consultancy in York.

The steelworkers' union Community has welcomed the completion of the sale.

Secretary, Roy Rickhuss responded to the news by saying "today marks the start of a new journey for UK steel making and there may be more challenges ahead."

But went on to say it's vital that the government continues to take action to deliver on the promises it's made to the industry.

But a buyer is still awaited for the company's Welsh plants including the company's biggest steel plant in Port Talbot.

There are two known bids for the UK operation but the firm's £15 billion pension liabilities have been seen as one of the biggest obstacles to finding a buyer.

The sector employs over 5,000 people in Wales.

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