Handful of bids expected for British Steel
British Steel, which went into liquidation in May, has attracted interest from up to nine possible buyers, but far fewer firm bids are expected by an extended June 30 deadline, banking and industry sources said. Britain’s second largest steel producer was put into compulsory liquidation on May 22 after Greybull Capital, which bought the company from Tata Steel for a token one pound three years ago, failed to secure extra funding to continue running it. A closure of the company, which produces high-cost long steel products used in construction and rail networks, would jeopardise 25,000 jobs, including 5,000 in Scunthorpe, northern England. Sources said that India’s JSW Group, former owner Greybull, Sanjeev Gupta’s GFG Alliance, private equity firm Endless, a Ukrainian and two Chinese steelmakers were among the interested parties.
Tags : INTERNATIONAL