Greybull Capital, the investment company that bought the Scunthorpe-based Tata Steel Long Products Europe for £1 and pledges to invest £400 million on reviving the fortunes of the business, has stated that it is committed to the newly launched British Steel for at least 10 years.

Marc Meyohas, one of Greybull’s senior partners, said the company would retain it’s steel interest until at least 2026, although another partner, Richard Perlhagen, said the period could be less if a buyer or merger opportunity came along.

Meyohas said that Greybull was not into exit plans and had bought the steel plant because it's a ‘viable long-term business.’

Environmental improvements are necessary at the plant and must be completed by 2022 under a European Union directive, but Greybull has yet to reveal how it will pay for this.

Source: Scunthorpe Telegraph.