Tata starts U.K. steel sale

Tata Steel, the country’s largest steel producer, has signed an agreement to sell the loss-making 4.5-million tonne (mt) long-product Scunthorpe steel plant in Britain to UK-based investment firm Greybull Capital for a nominal consideration, with the latter taking assets and relevant liabilities.

The crenelated steelmaker appointed KPMG LLC as process advisor for the “thorough, but expedited sale” of its entire shareholding in its subsidiary Tata Steel UK, which includes Britain’s largest steel plant at Port Talbot. The agreement with Greybull, an investor in distressed companies, will save thousands of jobs. The Long Products Europe business employs 4,800 people, 4,400 in the U.K. and 400 in France.

The steel industry in the U.K. and Europe has been on a downturn owing to the global oversupply of steel, high production costs and cheap imports. The sale includes the Scunthorpe works, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, a mill in Hayange, France, and sales and distribution facilities.

Extra info:
Tata Steel Limited formerly Tata Iron and Steel Company Limited (TISCO) is an Indian multinational steel-making company headquartered in Mumbai, Maharashtra, India, and a subsidiary of the Tata Group. It was the 11th largest steel producing company in the world in 2013, with an annual crude steel capacity of 25.3 million tonnes, and the second largest steel company in India (measured by domestic production) with an annual capacity of 9.7 million tonnes after SAIL

So lets do:
1. Expand the TISCO ?
2. Who is the CEO of Tata steel?
3. Tata steel appointed______ as process advisor.

Source – The Hindu


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