Tata Steel sells several European factories, including Hayange – Les Echos

Tata Steel drastically reduced its operations in the old continent. The Indian steel group announced that it had signed an agreement with the investment fund Greybull Capital to sell its long steel business in Europe, including the French Hayange plant. The activity in question employs 4,800 people, including 400 in France and 4,400 in the UK. This agreement is not a surprise since last December showed Tata entered into exclusive negotiations with the British capital for the transfer of these activities that produce railroad rails and other building components. Greybull Capital announced it would spend 400 million pounds (495 million euros) to an investment plan and financing of the company, which will be relaunched under the name of British Steel.

Withdrawal from UK operations

Tata Steel parallel announced it had begun the process of selling its operations in the UK, where it employs some 15,000. “The formal process started today (Monday),” announced in a statement the group, which decided in late March to divest its UK business meet the challenges of the sector, particularly affected by the dumping of its products China. This announcement had the effect of a thunderclap in the country and triggered a barrage of criticism against the government, accused of leaving the crisis coming and preferred to focus its trade relations with China at the expense of the industry.

Mediation

in an attempt to make up for it and show the involvement of the government to find the best possible buyer, the minister Sajid Javid companies had visited India last week to meet with the head of the Tata group, Cyrus Mistry. “I want to ensure that when the documentation (on sale) will be published, it becomes clear that the British government vis-à-vis the role of any potential buyer and we are well coordinated with Tata,” Had Explain. Sajid Javid will also meet Tuesday in London the Indian tycoon Sanjeev Gupta sector, whose Liberty House business does face potential savior for threatened sites, including the giant plant in Port Talbot in Wales, which employs 4,000 people. Sanjeev Gupta suggested that it could possibly straighten the steel industry now in the hands of Tata, without redundancies, reorienting a part of the activity.

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