London: Two little-known financier brothers of a UK-based investment firm are finalizing a deal to revive the ‘British Steel’ brand name to buy out part of Tata Steel’s plants in the UK, a media report said on Monday.
Marc and Nathaniel Meyohas, the brothers behind investment firm Greybull, are putting the finishing touches to buy the Scunthorpe steelworks in the east of England from the Indian conglomerate, according to The Daily Telegraph. Greybull plans to pump in 400 million pounds into the struggling plant, saving a total of around 9,000 local jobs.
Scunthorpe, one of the country’s largest facilities and one of 12 Tata steel sites across the UK, makes specialist steel products including wire rods, steel beams and track for the building and rail industries.
The news came as steel unions in the country called on Prime Minister David Cameron to personally intervene in the ongoing emergency talks in London to save Britain’s steel industry from collapse. Unite union assistant general secretary Tony Burke said if the industry was “to be given a fighting chance then the government and Tata need to come clean on their intentions and prior discussions, because so far all we’ve had is more questions than answers”.
He said, “The apparent lack of urgency from Sajid Javid and absence of a clear plan from the government is disturbing for the tens of thousands whose livelihoods hang in the balance and deeply troubling for British Steel's 140,000 pensioners.” AGENCIES
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