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Tata Steel UK to sell Speciality Steels Unit to Liberty House Group

Tata Steel U.K. has signed a Letter of Intent (LoI) with Liberty House Group, the metals company run by tycoon Sanjeev Gupta, to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of £100 million.
●    This year, Liberty acquired significant assets in South Wales, the West Midlands, Scotland and Kent from Tata Steel.
●    Tata Steel aims to retain the rest of its U.K. businesses and is in talks with German firm ThyssenKrupp to merge their European steel operations, potentially giving the combined entity 40 per cent market share. 
●    Tata Steel is pursuing a transformation plan to create a sustainable future for its U.K. strip products business. 
●    Tata Steel U.K. has invested £1.5 billion in the last 9 years.