Tata announces Scunthorpe plant deal

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Tata Steel has confirmed a deal to sell its Long Products Europe business, including its Scunthorpe plant, to UK-based investment firm Greybull Capital.

The move will safeguard more than 4,000 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.

Greybull said it was “delighted” with the agreement and that it expected the deal to complete within eight weeks.

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