Tata Steel close to selling UK long products plant

Several funds are in the race to acquire Tata Steel’s long products business in Lincolnshire, it adds

Tata Steel is believed to be close to a deal to sell one of its UK steel plants, reports a domestic financial newspaper.

Several funds are in the race to acquire Tata Steel’s long products business in Lincolnshire, it adds.

According to The Sunday Telegraph, the company could reach a deal as early as next week after receiving formal bids from three parties.

Two of UK's biggest turnaround funds - Greybull and Endless are leading the race, along with an American private-equity firm, reports the business daily.

Tata Steel's long products business produces products that are used in the construction and heavy industries.

Separately, media reports suggest that Tata Steel is likely to cut 720 jobs at its Rotherham plant in South Yorkshire after talks to save redundancies failed.

In July, the company had said that it may have to cut jobs at its Rotherham plant, adding that it would work with the employees to minimise job losses.

The Rotherham unit makes steel bar products for the car manufacturers.