Responding to the announcement today that Tata Steel has signed a Letter of Intent with Greybull Capital to enter exclusive negotiations with a view to selling its Long Products Europe business, Roy Rickhuss, General Secretary of the steelworkers’ union Community, said:
“We welcome the interest from Greybull in giving Long Products a future outside Tata Steel. Of course the devil will be in the detail of the deal and we will be seeking further discussions with both Tata Steel and Greybull to fully understand their intentions and the implications for steelworkers. Tata Steel must continue to uphold the pledge made by Tata Chairman Cyrus Mistry to be “a responsible seller”.
“Nevertheless, as we have said all along, we welcome any credible investor who has a vision for a sustainable business and is prepared to invest for the future. It’s this sort of long-term commitment that will give the unions and the workforce the confidence that they want to make a success of the business and secure steel jobs at the Long Products sites.
“There is a highly skilled and experienced workforce within Long Products, who have consistently delivered in the face of a difficult global market. The steelworkers are the bedrock of the business and are an asset to any investor.
“Now we want to see all stakeholders, particularly the government, fully focused on establishing a sustainable future for the Long Products business so it can continue to fill its role as a vital foundation industry that produces world class steel and has provided secure employment for generations.”
“It is also clear from today’s announcement that any future for the Dalzell and Clydebridge mills in Scotland will be with a different investor. Again, this should bring renewed focus to the work of the Scottish Government’s Task Force in ensuring that the skills and assets are preserved and a buyer is found.”
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