Tata Steel UK completes sale of Teesside Cast Products
25 Mar 2011
Tata Steel UK Limited, a subsidiary of Tata Steel Ltd, has completed the transfer of ownership of certain assets of Teesside Cast Products, agreed to as earlier, to Sahaviriya Steel Industries UK Limited.
Tata Steel had, on 25 February, announced the signing of a definitive agreement with Sahaviriya Steel for the sale of Teesside Cast Products (TCP) and Redcar Bulk Terminal Ltd.
The transfer of ownership took place at 6 pm GMT on 24 March, Tata Steel said in a filing with the Bombay Stock Exchange (NSE).
A formal handover ceremony took place today morning at TCP. The event was attended by members of the Teesside community, local MPs and councillors, the media and other key stakeholders, including employees of all three companies that will continue to operate on the site (Tata Steel, SSI and the Tata Steel/SSI joint venture, Redcar Bulk Terminal Ltd). Senior executives from Tata Steel and SSI will address the event.
Tata Steel in Europe is organised into a number of business activities such as steel making operational hubs that include production of long products for Europe, plates, sections, wire rods and semi-finished steel, railway products and services, special profiles and engineering services and Teesside Cast Products.
The company has separate centres for servicing customers for hot rolled steel strip and cold rolled and metallic coated steel in UK and Mainland Europe.