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Talks with buyers for Tata Steel’s UK business
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THE British government opened talks yesterday with potential buyers for Tata Steel’s UK operations, including Sanjeev Gupta’s commodities company Liberty Group, as it stepped up its battle to find a buyer for the loss-making business.
Accused by opposition lawmakers of being “asleep at the wheel” when India’s Tata Steel put its entire British operations up for sale last week, Prime Minister David Cameron also met ministers to discuss the options for a business which employs 15,000 people.
Britain’s business minister Sajid Javid was later due to fly to Mumbai to meet Tata Chairman Cyrus Mistry to agree the process for a sale, after a meeting with Gupta in London to establish how firm his interest was in the business.
“Many of the (businesses) are loss making at the moment but we believe they can be turned around,” Gupta, who has bought other distressed steel assets in Britain, told BBC Radio.
The government has not said which other potential buyers it has met but Javid told Sky News: “Where the buyers are coming forward, we’re ready to work with them.”
The Liberty Group is a metals company with assets in Asia, Africa and Britain, with steel output capacity exceeding 3 million tons a year.
He has not yet carried out due diligence but said the Port Talbot plant in south Wales could be saved if the giant blast furnaces were replaced.
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