Tata Steel agrees deal to sell UK assets

London: Tata Steel has agreed a deal to sell of its speciality steel assets to metal processing firm Liberty House, the Indian group said Thursday.

Tata said in November that it had agreed to start exclusive talks for the sale with Liberty for 100 million ($126 million, 118 million euros). The unit employs 1,700 people in Britain.

On Thursday it said in a statement: "Tata Steel UK has today signed a definitive sale agreement to sell its Speciality Steels business to Liberty House Group for a total consideration of 100 million."

Last year, Tata decided to offload its loss-making British assets, blaming the move on a global oversupply of steel, cheap imports into Europe from countries including China, high costs and currency volatility.