Tata Steel company has agreed to sell its two stell plants to the scotish government. The company is selling its Clydebridge and Dalzell steel facilities which would then sell them to liberty house. However, the Scottish government would keep the factories open, in a rare glimmer of hope for Britain's ailing industry.
Tata Steel officially said “The deal involves the sale of its Clydebridge and Dalzell steel facilities to the Scottish Government which would then sell them on to Liberty House”.
The Gupta family, which owns metals company Liberty House Group, will take the responsibility for reopening, operating and investing in the two sites as part of its wider strategy to build an integrated and sustainable steel business across the UK.
"When Tata Steel mothballed the Dalzell and Clydebridge plants, I said we would leave no stone unturned in the quest to find an alternative buyer” Business minister Fergus Ewing said.
He further said “That is why we established a Scottish steel taskforce and why I am delighted that our support for the steel industry has paid off”.
Bimlendra Jha, Executive Chairman of Tata Steel's Long Products Europe business, said "We welcome this deal which opens the possibility of a resumption of steel processing in Scotland."
"This has been achieved with the determination and support of employees, trade unions and the Scottish Government all working together," Jha said.