close
This ad will auto close in 10 seconds

'British Steel' brand to be revived in Tata crisis

Two little-known financier brothers of a UK-based investment firm are finalising a deal to revive the 'British Steel' brand name to buy out part of Tata Steel's plants in the UK, a media report said on Monday


'British Steel' brand to be revived in Tata crisis

London: Two little-known financier brothers of a UK-based investment firm are finalising a deal to revive the 'British Steel' brand name to buy out part of Tata Steel's plants in the UK, a media report said on Monday.

Marc and Nathaniel Meyohas, the brothers behind investment firm Greybull, are putting the finishing touches to buy the Scunthorpe steelworks in the east of England from the Indian conglomerate, according to The Daily Telegraph.

Greybull plans to pump in 400 million pounds into the struggling plant, saving a total of around 9,000 local jobs.

Scunthorpe, one of the country's largest facilities and one of 12 Tata steel sites across the UK, makes specialist steel products including wire rods, steel beams and track for the building and rail industries.

The news came as steel unions in the country called on Prime Minister David Cameron to personally intervene in the ongoing emergency talks in London to save Britains steel industry from collapse.

Unite union assistant general secretary Tony Burke said if the industry was "to be given a fighting chance then the government and Tata need to come clean on their intentions and prior discussions, because so far all we've had is more questions than answers".

He said, "The apparent lack of urgency from Sajid Javid and absence of a clear plan from the government is disturbing for the tens of thousands whose livelihoods hang in the balance and deeply troubling for British Steel's 140,000 pensioners."

Roy Rickhuss, leader of the Community union, said: "By now, no-one underestimates the scale of the challenge we face. We have an entire industry to save and not a lot of time to save it.

"We must also ensure that we hold Tata to a commitment to be a responsible seller and honour its moral and social duties to UK steel communities."

UK business secretary Sajiv Javid is also set to meet Tata Steels Chief Financial Officer (CFO) in relation to the groups plans to exit the UK steel industry.

Business department minister Anna Soubry is due to visit Rotherham steelworks later today.

Meanwhile, Indian-origin tycoon Sanjeev Gupta, founder of commodities firm Liberty House, has had initial talks over a potential purchase of the Tata Groups South Wales plant.

Liberty House said the talks had been "encouraging" and "positive" and described the response of ministers as "pro-active" and "keen to find solutions."

From Zee News

0 Comment - Join the Discussions