Tata ‘ deal’ saves jobs
AROUND 4,800 jobs are expected to be saved when a rescue deal for one of Tata Steel’s struggling divisions is finalised this week.
Investment firm Greybull Capital is set to announce a takeover of Tata’s steel works at Scunthorpe in Lincolnshire on Wednesday.
It is believed to have ruled out job losses at the European Long Products Division, which makes steel for use in the rail and construction industries.
The business also has two plants in Teesside. It will be renamed British Steel and Greybull hopes to make it profitable within a year.
It follows a £400million financing package from private sector backers. It is hoped a union deal on pensions can also be agreed.
The future of 11,000 jobs at Britain’s biggest steel works, the Tata plant at Port Talbot in South Wales, still hangs in the balance.