"The sale for a nominal consideration, would be in exchange for Greybull Capital taking on the whole of the business, including assets and relevant liabilities, and securing an appropriate funding package," the company said in a statement.

The deal will be completed once a number of outstanding conditions have been resolved, including transfer of contracts, certain Government approvals and the satisfactory completion of financing arrangements.

"Long products include wire rods, rails and billets used by construction, engineering, energy and automotive industries. Flat products include coils, and heavy plates used for automotives, heavy machinery, pipes, tubes, construction, packaging and appliances.

"This sale is the best possible outcome for employees who have worked relentlessly to ensure the business's survival, and helped to make it attractive to a potential buyer," said Bimlendra Jha, executive chairman of the stand-alone long products Europe business.

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