Nearly 5,000 steel jobs have been saved under a rescue deal. Stricken Tata Steel has agreed a sell its Long Products Europe arm to a private equity firm for a token £1. Greybull Capital has promised no job losses among the division's 4,800 strong workforce, including 4,400 at the Scunthorpe steel plant and others in the UK. The company plans to rebrand the business British Steel, the name that disappeared in 1999 when it merged with a Dutch firm to become Corus.