Tata Steel agrees to sell Clydebridge and Dalzell plants | Reuters

LONDON Tata Steel UK said on Thursday it has agreed to sell its Clydebridge and Dalzell steel plants to the Scottish government, which will then sell them on to international metals group Liberty House.

"The agreement follows Tata Steel's announcement in October 2015 that it would stop its European plate production, which led to the mothballing of the Dalzell and Clydebridge plants at the end of 2015," Tata Steel UK said in a statement.

"Rather than closing the facilities, Tata Steel has continued to maintain them to enable plate production to potentially restart in the future."

Tata Steel is still negotiating the potential sale of the rest of its Long Products Europe business to Greybull Capital.

Tata Steel said last month it would cut 1,050 jobs in Britain, as it looks to save costs amid continued falls in the European steel price driven by a flood of cheap imports, mainly from China.

(Reporting by Pratima Desai; Editing by Greg Mahlich)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Mar 24, 2016 22:00 PM

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