Tata Steel formally begins sale process

The company also confirmed today it has sold its Long Products Europe business to Greybull Capital, saving thousands of jobs at its Scunthorpe plant.

But a deal is yet to be found for any of its other plants in the UK - including those at Aldwarke and Brinsworth.

A Tata Steel spokesman said the company has appointed KPMG as its financial advisers for any potential deal.

He said: “It is the intention of Tata Steel Europe to run a thorough, but expedited sale process by reaching out to a wide universe of potential investors globally.

“The formal process has commenced today with the despatch of the Summary Information Memorandum to potential investors.

“Tata Steel and its advisers are committed to work together and conduct the process in a transparent and time bound manner.”

Speaking during a visit to Tata's Aldwarke site last week, the business minister Anna Soubry said she estimated Tata could find a buyer within four to six weeks.