Tata Steel UK confirms that it has completed the sale of its mainly UK-based Long Products Europe division to investment office Greybull International in an announcement sent to Kallanish. The new company will again be called British Steel, a name by which it was last known three owners ago.

“During the last twelve months, the Long Products Europe business has implemented a transformation plan including a portfolio restructuring of assets, underpinned by committed support from employees and their trade unions. This has focused the business on higher-value markets supported by a more competitive cost base,” Tata says.

In a further note sent to Kallanish, Greybull says that 1 June 2016 marks the first day of trading for the new British Steel. It confirms that its acquisition of the former Tata operation has been completed and that a £400 million ($578m) investment package is in place. It also highlights that a turnaround plan is on track and generating monthly operating profits.

The new business employs 4,800 people and has long products manufacturing operations in Scunthorpe, Teesside and Skinningrove in the UK and Hayange in France. The business also includes metal centres across the UK and Ireland, a global network of sales offices, an engineering business in Workington and a national design consultancy based in York.

“Our industry has faced challenging times over the last few years, but we are confident that our new venture, built on our core values of pride, passion and performance, will not only reinvigorate this business, but position it as a world leader,” says British Steel commercial director Peter Hogg.