Around 1,700 jobs in South Yorkshire are on course to be saved after an international metals group confirmed it was in the process of buying out part of Tata Steel for £100 million.
Liberty House has entered into ‘exclusive negotiations’ with Tata Steel UK to acquire its Speciality Steels business.
The deal would secure the jobs of around 1,700 steelworkers at major production facilities in Stocksbridge, Rotherham and a mill in Brinsworth. Unions welcomed the announcement - but said the ‘devil will be in the detail’ and called for the sell-off to be independently audited.
There also remain concerns about the future of workers’ pensions.
The UK division, based largely in South Yorkshire, manufactures high-value products for the automotive and aerospace sectors.
Tata put its British steel business up for sale in April, as a combination of energy costs, global overcapacity and the ‘dumping’ of subsidised Chinese steel hit hard.