The steelworkers' union Community has welcomed the completion of the sale of Tata Steel's Long Products Europe business to Greybull Capital LLP. The new company will trade as British Steel.
"Community warmly welcomes the opening of this new chapter in the course of the UK steel industry. It also demonstrates that there is the chance of a brighter future for steel making in the UK, with the right vision and investment.
"British Steel is built on firm foundations with a skilled, experienced and dedicated workforce determined to make a success of the business. They have a proud track record of delivering high-quality long products to flagship construction and infrastructure products around the world. The turnaround plan agreed between management and unions is already yielding positive results.
"I want to pay tribute to Community's local union reps not just in Scunthorpe, but at Lackenby, Skinningrove and throughout the downstream operations. Their hard work and commitment to a sustainable future for steel has been key in getting us here today. Our members have also shown their commitment by the sacrifices they have made to back the plan and give the new business the best chance of success.
"Today marks the start of a new journey for UK steel making and there may be more challenges ahead. That's why it's vital that the government continues to take action to deliver on the promises it's made to the industry and to develop and implement an integrated industrial strategy and a long-term vision for UK steel.
"Today also brings to an end a long period of uncertainty for steelworkers within the Long Products business. From the first moment Tata put the business up for sale, we insisted that they be a responsible seller and allow time for the right buyer to come forward and for the deal to be completed. Tata has honoured that commitment with this deal but now they must do the same for the remainder of their UK operations and work with Community through the sales process."
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