So Tata has sold the Scunthorpe steelworks (along with other sites) to Greybull Capital for the princely sum of £1. Did they not heed my sage like advice? Are they mad or am I completely wrong in thinking that this is just an exercise in futility? The first thing I have to say about this deal is that it hasn’t been finalised. Some media reports state that the deal won’t be signed for weeks. A lot can happen in that time and I wouldn’t be surprised if it does. Don’t be shocked if the deal changes dramatically or even totally unravels before pen is set to paper. The details about this deal are in seriously short supply. One “detail” that[…]

With all that’s going on in the world (and I suspect that a certain David Cameron’s financial affairs have driven steel from the top of the news agenda) this story from The Scunthorpe Telegraph might just have gone unnoticed outside of North Lincolnshire. It’s reported that Greybull Capital (whose website seems to consist of a single page – wouldn’t you find that a little odd? I do.) are asking for a 3% pay cut from the Scunthorpe steel workers to aid them in their attempt to buy Scunthorpe’s last remaining steelworks. I find this a bit weird. A steelworks is an industrial behemoth in terms of size and required funding. There’s nothing small about these places and that includes the running[…]

Tonight’s news coverage is dominated by the announcement that Tata is looking to sell its UK steel making operations. Am I the only one who isn’t surprised by this? Ever since I moved to North Lincolnshire, nearly two decades ago, I’ve been hearing bad things about the future of Scunthorpe’s steelworks. How its future was under threat from cheap foreign imports. How the town of Scunthorpe was dependent on steel jobs. How the local area would die if the steelworks closed. Not to mention the huge hole in the pension scheme that would need a billion pound plaster to heal. None of this sounded good then or now. Yet Tata think they can sell this business off to somebody else.[…]