Tata Steel sale starts as manufacturing output falls
Tata Steel is set to begin the formal process of selling its UK plants today (Monday 11th).
Only one bidder has emerged publically so far - Liberty Steel, owned by Sanjeev Gupta.
However, reports say that Greybull Capital has been in talks to buy Tata Steel's Scunthorpe business for several months and is expected to make a bid to invest up to £400m today.
The move would safeguard more than 4,000 jobs but, say reports, workers are being asked to accept a pay cut and less generous pension arrangements.
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