Mumbai: Tata Steel Ltd on Tuesday said its UK subsidiary had signed a definitive agreement to sell two pipe mills in Hartlepool, England to Liberty House Group. “With this sale, Tata Steel UK will complete its portfolio restructuring to focus on the strips products supply chain linked to Port Talbot (plant in Wales). The sale is also an important step towards developing a more sustainable future for the rest of our UK business,” Bimlendra Jha, CEO, Tata Steel UK, said. Earlier this year, it sold its Speciality Steels business to Liberty House Group for £100 million. Negotiations between the two are said to have been hampered by Brexit and concerns over Tata Steel’s issues with the UK pension regulator.

Source: Mint July 11, 2017 15:33 UTC