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Monday, 11 April 2016 13:36

Tata Steel starts sales process for UK plants

 Image for illustrative purpose Image for illustrative purpose

United Kingdom, London: Tata Steel is beginning the formal process of selling its loss-making UK steel empire today, inviting potential buyers to submit offers, reports Sky News.

The only company that has so far expressed a public interest in buying the assets, including the country's biggest steel plant at Port Talbot in south Wales, is Liberty owned by Sanjeev Gupta.

Meanwhile, as efforts continue to find a buyer for the other assets, the sale of Tata's Scunthorpe steelworks is expected to be finalised with the investment firm Greybull Capital.

According to Sky News, the deal is expected to be announced later, although neither side would confirm that the deal was close to being finalised.

The move would safeguard thousands of jobs at the plant and at supplier firms, but Greybull Capital has already said it would ask workers to accept a cut to pay and pension contributions if it takes the business on.

Source: Sky News

Additional Info

  • Continent: Europe
  • Category: Business