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Our response to Tata Steel and Greybull Capital announcement

Community
Community
11th April 2016

Responding to news that Tata Steel UK an agreement to sell its Long Products Europe business to Greybull Capital, Roy Rickhuss, General Secretary of the steelworkers’ union, Community, said:

“We welcome this major step forward towards a deal which will continue steel making in Scunthorpe and secure the future of the Long Products business across the UK. Greybull’s interest in the business is testament to the skills, experience and commitment of UK steelworkers and demonstrates that with the right investors UK steel making can have a positive future. So far, Tata Steel has honoured its commitment to be a responsible seller of the business by allowing time for the deal to be done.

“There are still crucial steps to be taken to complete the deal and all parties involved need to retain their focus towards achieving the objective of securing the future of Long Products. Community’s independent experts, Syndex, have assessed that the transformation plan for the business is robust and Greybull has the necessary capabilities to build a sustainable business. The deal alone will be a huge boost to the UK steel industry but more government action to support our industry will be needed to ensure its sustainable long-term future.

“I want to pay tribute to Community’s local reps and their tireless efforts throughout this process so far. Our members are still voting on temporary changes to terms and conditions that are the result of negotiations in difficult circumstances but, should our members vote to accept the changes, they will represent a significant contribution by the workforce towards turning the business around and giving it the best possible chance of success under new ownership.”

Ends.

Further information: Matt Ball 07799 772250