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Tata to sell its UK steel plants India's Tata is set to sell some of its UK steel plants
(35 minutes later)
Tata Steel is planning to sell its Long Products division, which employs 6,500 in the UK and Europe.Tata Steel is planning to sell its Long Products division, which employs 6,500 in the UK and Europe.
Tata said it has signed an agreement with Klesch Group, a global commodities company, with headquarters in Geneva, which it hopes will lead to a sale. Indian-based Tata said it had signed an agreement with Klesch Group, a company with headquarters in Geneva, which it hoped would lead to a sale.
The division includes operations in Scunthorpe and Teesside in England and Dalzell and Clydebridge in Scotland.The division includes operations in Scunthorpe and Teesside in England and Dalzell and Clydebridge in Scotland.
It also includes sites in Workington and York, as well as other operations in France and Germany.It also includes sites in Workington and York, as well as other operations in France and Germany.
Tata has signed a memorandum of understanding with the commodities group, formalising its intention to agree a sale. Tata has signed a memorandum of understanding with the industrial and commodities group, formalising its intention to agree a sale.
"We will now move into detailed due diligence and negotiations, though no assurance can be given about the outcome," Karl Koehler, chief executive of Tata Steel's European operations, said in a statement."We will now move into detailed due diligence and negotiations, though no assurance can be given about the outcome," Karl Koehler, chief executive of Tata Steel's European operations, said in a statement.
The Klesch group, run by US billionaire investor Gary Klesch, is also investing in an oil refinery in Milford Haven in Wales.
'Extremely disappointed''Extremely disappointed'
Tata Steel employs 30,500 people across Europe, including 17,500 in the UK. The Long Products division provides steel rail, rod, plate and other steel products to the construction and excavation industries.Tata Steel employs 30,500 people across Europe, including 17,500 in the UK. The Long Products division provides steel rail, rod, plate and other steel products to the construction and excavation industries.
The company said it would consult trade unions throughout the process.The company said it would consult trade unions throughout the process.
However, Roy Rickhuss, general secretary of the steelworkers' union Community, said members were not satisfied.However, Roy Rickhuss, general secretary of the steelworkers' union Community, said members were not satisfied.
"We're extremely disappointed with the way that Tata Steel have handled this announcement, which does not reflect well on Tata's values," he said."We're extremely disappointed with the way that Tata Steel have handled this announcement, which does not reflect well on Tata's values," he said.
The unions, Community, Unite and the GMB, said in a joint statement: "Tata Steel has failed to consult at all with the trade unions before making this move, which could have serious consequences for employees and contractors right across Tata Steel, not just within the Long Products business that it wants to sell."The unions, Community, Unite and the GMB, said in a joint statement: "Tata Steel has failed to consult at all with the trade unions before making this move, which could have serious consequences for employees and contractors right across Tata Steel, not just within the Long Products business that it wants to sell."