Tata agrees Yorkshire speciality steel site sale
Tata has confirmed it has reached an agreement to sell its speciality steels business for £100m.
The business, which employs around 1,700 workers, is based in Rotherham, Stocksbridge and Brinsworth in South Yorkshire.
Tata said the deal with Liberty House Group was an "important step" in securing the long-term future of the business.
Steel union Community said the agreement was a "welcome step forward".
Liberty House Group said it was confident the business, which also has centres in Bolton and Wednesbury, West Midlands, would flourish within the group.
Bimlendra Jha, chief executive of Tata Steel UK, said: "For speciality steels this is an important step forward in securing a future for the business under new ownership."
He also praised the performance of workers, trade unions and management in improving the company's performance.
Roy Rickhuss, general secretary of Community, said there was still a lot of work to do before the sale was completed.
"Community has been campaigning for months for longer-term certainty for these highly skilled jobs and we will now engage more directly with Liberty to understand their plan for the business.
"The steelworkers concerned produce some of the world's most advanced steel products and we will need to be convinced this sale is in their best interests."
The deal has been welcomed by the government. Business Secretary Greg Clark said it was a "great opportunity" for Liberty House Group.