Thousands of jobs could be saved if a £100m deal to sell Tata Steel’s speciality steel business to Liberty House Group is completed.
The Indian conglomerate has announced the signing of a Letter of Intent with Liberty House Group to enter into exclusive negotiations.
The Letter of Intent covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi’an, China.
Speciality Steels employs around 1,700 people making steels for the aerospace, automotive and the oil & gas industries.
The deal is expected to be completed early in the first quarter of 2017.