What happens now?
Tata Steel has come to an agreement to sell its steel business for £100m.
The deal covers it South Yorkshire operations which makes high-value steel for aerospace, car and oil gas businesses.
The news comes after Tata signed a “letter of intent” on the sale of the business back in November.
Bimlendra Jha, chief executive of Tata Steel UK, said: “This is an important step forward in securing a future for the business under new ownership.”
“We will be handing over a business which has been transformed following difficult decisions to restructure and re-focus on higher-value markets.”
“I’m delighted to say that the business is now on an improvement track which will enable it to thrive in the future.”
The new agreement comes after the Indian owned company followed much uncertainty when it put its UK business up for sale earlier on this year.
Liberty House has said the new deal will make it one of the largest steel and engineering employers in the UK, with more than 4,000 workers.