Commenting on reports that a “Letter of Intent” has been signed between Greybull Capital and Tata Steel UK Limited to enter exclusive negotiations for the potential sale of its Long Products Europe business, Labour MP for Middlesbrough South and East Cleveland, Tom Blenkinsop, said:
“If operated correctly then there is no reason for the long products division, such as those sites at Skinningrove in east Cleveland and Lackenby near Redcar, to not succeed so I cautiously welcome the interest from Greybull Capital. I’ll be working closely with unions to ensure the best deal for steel workers as is often the case the devil is in the detail of any deal that is struck.
“Tata steel made a commitment to being a responsible seller and I will certainly be holding them to that commitment. So if Greybull Capital come up with a sustainable plan and long-term investment to support the sites and its workers then I welcome that.
“Furthermore, after this week’s damning report by the BIS committee over the Government’s handling of the UK steel crisis it is imperative that they demonstrate that they have learnt their lesson and ensure they take an active role to allow this deal to succeed and provide a future for those hundreds of steel workers.”