Responding to the announcement today that Tata Steel has signed a Letter of Intent with Greybull Capital to enter exclusive negotiations for the potential sale of its Long Products Europe business, Labour MP for Redcar Anna Turley said:
“I welcome Greybull’s interest in Tata Steel’s Long Products Division and hope that this is the start of the process of securing a sustainable future for the business, which includes the site at Lackenby near Redcar.
At this early stage there is very little detail. As negotiations progress, I will be seeking assurances that any sale includes a long term commitment to invest in the business and secure the highly skilled jobs it sustains.
It has been a very difficult year for the steel industry and, as confirmed in the BIS committee report published yesterday, the government’s support has been found wanting. I will be working with Community union and others to ensure Teesside’s remaining steel assets are protected and that their vital contribution to the local and national economy is recognised.”