It's understood a shortlist of bidders for Tata Steel's remaining UK business - including Hartlepool Pipe Mill - will be revealed by the end of the week.
The Hartlepool site employs over 500 people. Earlier this week Greybull Capital completed a takeover of Tata's long products division, includingn the Lackenby and Skinningrove sites, under the name British Steel.
The new British Steel logo has been unveiled at a flag-raising ceremony in Scunthorpe.
British Steel Commercial Director Peter Hogg has described today as a landmark day for the business. Tata has sold to Greybull Capital and 900 jobs are now safeguarded in the region.
“Today marks the first day of business for our new company and we are delighted to be launching under the iconic British Steel brand.
“It has taken a huge amount of effort and a strong partnership between our employees and their union representatives, our customers and our suppliers, and many months of hard work to get to this point. We also appreciate the help and support from both local and national government and our local MPs.
“Our industry has faced challenging times over the last few years, but we are confident that our new venture, built on our core values of pride, passion and performance, will not only reinvigorate this business, but position it as a world leader.
“Our heritage is important to us. For decades our skilled workforce has dedicated itself to producing the highest quality steel that has been used in landmark buildings and infrastructures projects around the world. The launch of British Steel will enable us to build a stronger future for both our employees and all those who do business with us.”
“We are delighted to have completed this deal and proud to be backing this business. We have confidence in the transformation plan and in the ability of management and the workforce to implement the required changes. Much remains to be done, but the early signs are positive.
“Over the past few months the business has overcome a series of barriers to get to this point. Throughout this time the whole workforce and the trade unions have shown great professionalism and commitment to helping the business succeed. We know this will continue as we work together to strengthen British Steel further.”
Indian company Tata Steel have announced that they have completed the sale of their European business - to Greybull Capital.Read the full story ›
"As a responsible seller, Tata Steel is delighted to have secured a buyer for this business and we hope that under Greybull ownership, the business will continue the momentum of the improvement program that has been initiated in the last 12 months.
Employees and trade unions have worked closely with the Long Products Europe management team to improve the business’s prospects, putting it in a more competitive position than it has been for many years.
It is through their dedication and hard work that we are in this position today in spite of continued challenges in the market".
Tata Steel has issued a statement confirming it will work under the name British Steel following the sale to Greybull Capital.
"Tata Steel UK completes sale of Long Products Europe business to Greybull Capital Tata Steel UK today announced the completion of the sale of its Long Products Europe business to Greybull Capital LLP. During the last twelve months, the Long Products Europe business has implemented a transformation plan including a portfolio restructuring of assets, underpinned by committed support from employees and their trade unions. This has focused the business on higher-value markets supported by a more competitive cost base.
"From today the Long Products Europe business, which in the UK includes the Scunthorpe steelworks, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, and associated distribution facilities, as well as a rail mill in northern France, will trade under the name of British Steel. All together the business employs 4,800 people – 4,400 in the UK and 400 in France. The sale follows an accelerated process of negotiations between Tata Steel UK and Greybull Capital to achieve this outcome."
Tata Steel has confirmed the sale of its Long Products division to Greybull Capital. The deal safeguards 900 jobs in the region, at sites including Teesside Beam Mill in Lackenby and Special Profiles in Skinningrove. The sites had been under threat of closure if Tata failed to find a buyer.
Joel Hills says no buyer wants to touch Tata Steel's UK pension liabilities "with a barge pole".
The government is considering changes to pension laws to reduce the burden and attract investment.
Our business editor says this could have wide-reaching implications beyond the steel sector.