Tata all set for talks to sell speciality-steel assets to Liberty House
London — India’s Tata Steel said on Monday that it has agreed to start exclusive talks for the sale of its speciality-steel assets to metal-processing group Liberty House. The unit, which operates mainly in Britain but also in China, employs 1,700 people and produces specialised steel for the aerospace, automotive, oil and gas sectors. Tata Steel gave no update on the future of the rest of its UK assets, including Britain’s biggest steel plant at Port Talbot in Wales. The group decided this year to offload unprofitable British assets, citing global oversupply of steel, cheap imports into Europe from countries including China, high costs and currency volatility. "Tata Steel UK today announced the signing of a letter of intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its speciality steels business for an enterprise value of £100m," it said. This involves several assets in south Yorkshire, including an electric-arc steelworks in Rotherham,...
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