Financiers set to save Tata Steel works in Yorkshire in £400m deal
THE steel industry in Scunthorpe is set to be “saved” by Greybull Capital, as financiers Marc and Nathaniel Meyohas get a deal for the struggling Tata Steel plant over the line.
They are set to be finishing up on a £400m deal for the plant, which will save 9,000 jobs in the area, according to The Telegraph.
The deal is set to be announced later this week, following fears that Tata’s exit from the UK would mark an end to the country’s steel industry.
This comes as Sajid Javid, secretary of state for Business, Innovation and Skills, returned from Australia to deal with the crisis over the weekend, amidst demands he should step down over the “unexpected” steel crisis.
Mr Javid said he would be willing to support the British steel industry, particularly in Port Talbot where many more thousands of jobs are on the line.
He said in The Sunday Times, later posted on the government website: “In the autumn statement we announced a lasting exemption from climate-change costs for the steel industry, a move that will save the sector £400m by 2020.”
Mr Javid said they were working with the EU to protect the UK’s steel industry from unfair trading practices, including demanding higher tariffs on certain products from China.
Greybull is negotiating with Tata to rename the Scunthorpe steelworks “British Steel” as part of the deal. The name disappeared more than 25 years ago when the company merged with Dutch rival Koninklijke Hoogovens to form Corus Group in 1999.
