More than 4,000 steel jobs look to have been saved after Tata Steel sold its Long Products Europe arm to Greybull Capital for a nominal 1€.

Tata Steel confirms it is selling its business with the deal including two mills in Teesside https://t.co/JRhCLMESwfpic.twitter.com/HJlVH37W5T — BBC News North East (@BBCNewsNE) April 11, 2016

The UK Scunthorpe plant is part of the package.

Greybull are planning €500m investment, but have warned staff to expect a pay cut and a reduced pension plan.

Tata Steel secures buyer for Scunthorpe works saving 4,000 jobshttps://t.co/4Jrqia8vXYpic.twitter.com/tcIyUhvEED — Mirror Politics (@MirrorPolitics) April 11, 2016

The business will be renamed ‘British Steel’ and will include Scunthorpe, an engineering works in Workington, two steel mills in Teesside, a consultancy in York and other centers.

'It's unbelievable news' – Unions hail Tata Steel deal to sell Scunthorpe plant https://t.co/QpPMpGnNbwpic.twitter.com/GigV9dpOTt — ITV News (@itvnews) April 11, 2016

The Long Products Europe business supplies steel for rail and construction.

Greybull believe the business is sound and has been in talks with Tata for the past nine months in order to thrash out a deal.

Greybull are looking to be in profit in two years are are asking staff to accept a 3 percent pay cut.

A workers ballot is due on April 19.