Tata steelworks £100 million bid could happen “within weeks”

INDUSTRIAL and commodity group Liberty House’s bid for Tata Steel UK’s speciality steel and pipe businesses is worth nearly £100 million ($130 million), an industry source told media outlets on September 28.

Britain’s largest steelmaker paused the sale of its major UK assets in July to explore a joint venture with Germany’s Thyssenkrupp, but proceeded with separate talks to sell its speciality and pipe businesses.

The businesses employ around 2,000 people directly, but up to 8,000 jobs would be at risk in sectors related to steelmaking if sale talks fail.

Liberty was a bidder for Tata Steel UK’s major assets.

An industry source told the Reuters news agency that after Tata Steel paused the sale, Liberty would proceed with plans to bid for the company’s speciality steel and pipe businesses, based in Rotherham, Stocksbridge and Hartlepool.

Tata Steel and Liberty both declined to comment but unnamed industry sources later told the BBC that a deal could be in reach for up to three of Tata UK’s steelworks “within weeks”.