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tata signs sale letter for speciality steel business employing 1,700 - led signs for sale
Tata Steel signed a "letter of intent" to sell its professional steel business, employing 1,700 British workers at a salary of £ 100 m.
This letter means that it has entered into exclusive negotiations with Freedom House.
Previously, Tata Steel saved Tata Steel in Scotland.
The transaction is expected to be completed in early 2017.
This is after months of uncertainty in India.
The state-owned giant sold its British business earlier this year.
The specialty steel business includes units located in Rotherham, Stockbridge and brishworth, South Yorkshire, and the service center in Wednesbury, Bolton and West Midlands.
The business manufactures steel for the aerospace, automotive and oil and gas industries.
Roy Ricks, secretary general of the Community trade union, said that in addition to 700 direct jobs, it supports more work in the supply chain and in the local economy.
He said: "After months of uncertainty and delay, it will be a welcome news for thousands of steel workers whose work depends on the success of the business.
Bimlendra Jha, chief executive of Tata Steel UK, said: "This is an important step forward in seeking the future of special steel.
Sanjeev Gupta, executive chairman of Freedom House, said it was a "very important milestone deal ".
Over the past year, the company has made a series of acquisitions, including Tata's steel plant in dalzer and Clyde Bridge steel in Scotland.
Earlier this year, Tata's business was sold due to pressure from the UK steel industry, and thousands of people were unemployed across the industry because of high energy costs and cheap Chinese steel prices.
But after promising the government to support and agree to restructure its pension plan, Tata re-examined its plan to sell.
The company still employs 11,000 employees in the strip steel business, including the Talbot Port plant in southern Wales.
The company said it would continue to "actively seek solutions to the company's structural challenges ".