Liberty House tables $130-mn bid for Tata Steel UK's speciality steel and pipe businesses
30 September 2016
Liberty House Group, which wants to buy the British assets of Tata Steel, has tabled a near £100-million ($130 million) bid for the Indian steel giant's UK's speciality steel and pipe businesses, Reuters yesterday reported, citing an industry source.
Tata Steel, Britain's largest steelmaker, had in early July announced that it will put on hold the sale of its major UK assets due to uncertainties that has emerged by UK's June vote to exit the European Union as well as to explore a potential joint venture with Germany's Thyssenkrupp.
Liberty, run by commodity Sanjeev Gupta, was one of the bidders for Tata Steel UK's operations.
Reuters said that althoughTata Steel had paused the sale of its major UK assets, it would proceed with the sale of its speciality steel and pipe businesses.
Tata Steel UK's speciality steel and pipe businesses employs more than 2,000 people at its production sites in Rotherham, Stocksbridge and Hartlepool.
Its clients are from the aerospace, oil and gas, industrial bearings, industrial engineering, and the automotive industry.
Its customers include Airbus, BAe Systems, Bell Helicopter Textron, Sikorsky, Boeing, Pratt & Whitney, Lockheed Martin, Bombardier, EADS, Ford, Renault, Rolls-Royce, Messier - Bugatti –Dowty, GE, Halliburton, SKF and others.