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15/10/2014
Tata Steel To Sell Parts Of UK Business
Tata Steel has confirmed it is in negotiations to sell its Long Products business, which employs several thousand workers.
The steel giant has announced the signing of a Memorandum of Understanding with Klesch Group.
The memorandum covers several UK-based assets including Tata Steel's Scunthorpe steelworks, mills in Teesside, Dalzell and Clydebridge in Scotland, an engineering workshop in Workington and a rail consultancy in York, as well as other operations in France and Germany.
About 6,500 people are employed at Long Products Europe and its distribution facilities. Tata Steel employs 30,500 people across Europe, including 17,500 in the UK.
Karl Koehler, Chief Executive of Tata Steel's European operations, said: "We will now move into detailed due diligence and negotiations, though no assurance can be given about the outcome. We will regularly engage with our employees and other stakeholders throughout this process, and we will consult with the trade union representatives and works councils."
"We are making huge strides on our strategic journey to become a premium, customer-centred steel company thanks to investment in equipment, technology and customers, together with the substantial contributions from our employees."
(CD/MH)
The steel giant has announced the signing of a Memorandum of Understanding with Klesch Group.
The memorandum covers several UK-based assets including Tata Steel's Scunthorpe steelworks, mills in Teesside, Dalzell and Clydebridge in Scotland, an engineering workshop in Workington and a rail consultancy in York, as well as other operations in France and Germany.
About 6,500 people are employed at Long Products Europe and its distribution facilities. Tata Steel employs 30,500 people across Europe, including 17,500 in the UK.
Karl Koehler, Chief Executive of Tata Steel's European operations, said: "We will now move into detailed due diligence and negotiations, though no assurance can be given about the outcome. We will regularly engage with our employees and other stakeholders throughout this process, and we will consult with the trade union representatives and works councils."
"We are making huge strides on our strategic journey to become a premium, customer-centred steel company thanks to investment in equipment, technology and customers, together with the substantial contributions from our employees."
(CD/MH)
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Other News And Brief
PM Meets With French President Prime Minister David Cameron is to meet with French President Nicolas Sarkozy to discuss the Eurozone crisis and to try and prevent the single currency from breaking up. The two men will meet in Paris to discuss the debt, which is crippling Europe and threatens to drag Britain back into recession.
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