Tata Steel To Sell Speciality Steel Business To Liberty House

Mumbai: Tata Steel Ltd said on Thursday that its British arm has signed a definitive agreement to sell its speciality steel business to Liberty House Group for 100 million pounds ($125.55 million).

The deal covers several South Yorkshire-based assets including the electric arc steelworks and bar mill at Rotherham, Tata Steel said in a filing to stock exchanges.

Speciality Steels directly employs about 1,700 people making steel for aerospace, automotive, and oil and gas businesses, it said.

Tata and Liberty House had entered into exclusive talks in November as the Tata group seeks to offload its money-losing assets and restructure European operations.

($1 = 0.7965 pounds)