Tata to contact potential buyers for UK steel business


Tata is to contact "many tens" of potential buyers for its UK steel business, its executive group director has revealed.

Koushik Chatterjee said the aim was to sell the assets as one rather than split up the business.

He spoke after Tata announced the signing of an agreement to sell its Long Products business, including the giant Scunthorpe plant, to investment firm Greybull Capital.

The deal safeguards thousands of jobs and holds out fresh hope that the rest of the business can be saved.

Tata has raised fears of huge job losses at plants including Port Talbot in South Wales by deciding to sell its UK assets.

Mr Chatterjee confirmed that the UK business is losing £1 million a day.

He told a media briefing that the steel industry is facing its biggest crisis possibly in 50 years.

Tata appointed KPMG as advisers to the sale process, which was officially launched on Monday.