Well what an interesting development, the brand British Steel is to be reborn
Tata Steel has sold its Long Products Europe business, including its Scunthorpe plant, to investment firm Greybull Capital for a token £1 or €1.
The move will safeguard 4,400 UK jobs, but workers are being asked to accept a pay cut and less generous pension arrangements.
Greybull said it was arranging a £400m investment package as part of the deal.
The business will be rebranded as "British Steel" once the deal is completed in eight weeks, it said.
The new business would include the Scunthorpe works, two mills in Teesside, an engineering workshop in Workington, a design consultancy in York, a mill in Hayange, France, and sales and distribution facilities.
Tata announces Scunthorpe plant deal - BBC News
Sounds like it could be win win if they can make it work. Sounds like some pain a head as they need to streamline the business to make it viable, but better a reduced steel industry than none at all.