Search for Tata Steel saviour almost solved

Posted on 29 Sep 2016 by Fred Tongue

A deal could be completed for three of Tata's steel sites in the UK very soon, according to sources.

A bidder is looking to purchase three of Tata UK’s steel plants, “within weeks” according to an industry source speaking to the BBC

Liberty House is hopeful of purchasing sites that employ around 2,500 people in Rotherham, Stocksbridge and Hartlepool.

This news comes after Liberty reopened a site in Motherwell last week that was closed by Tata; however talks are ongoing with the a number of other possible bidders for the sites.

A spokesman for the Indian steel giant said: “Talks are continuing over the potential sale of our specialist steel business in South Yorkshire and our pipe-making business in Hartlepool.”

The spokesman then went on to say that the firm is in discussions with “a number of parties in each case.”

The bid has been reported – by Reuters – as being worth £100m for the three steelworks and it is believed that a deal is very close. 

Liberty House was one of the earliest bidders for Tata’s UK steel business, which includes Port Talbot, the UK’s biggest steelworks.

On July 8, Tata announced it was in discussion with German steel producer, ThyssenKrupp, on the formation of a joint venture between their respective European steel businesses.