Tata Steel has signed an agreement with global industrial and metals group Liberty House to sell its speciality steel business in the UK for £100 million ( Rs.850 crore). The sale of assets covers several South Yorkshire-based assets, including the electric arc steelworks in Rotherham, a steel purifying facility in Stocksbridge, a mill in Brinsworth and service centres in Bolton and Wednesbury besides service centres in Suzhou and Xi’an in China. The speciality steel business employs 1,700 people and taps into sectors such as aerospace, automotive and oil and gas. The assets at Rotherham, Bolton and Stocksbridge were under investigation by the Serious Fraud Office over forgery allegations, which led to the suspension of Mark Broxholme, MD of the speciality steel business.



http://www.thehindubusinessline.com/todays-paper/tata-steel-to-sell-uk-speciality-unit-to-liberty-for-100-m/article9395774.ece

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