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Two firms confirm bids to buy Tata Steel's UK assets

Liberty House and Excalibur Steel have confirmed they will put in formal bids to buy Tata Steel's UK assets.

Liberty House, a commodities trading firm headed by Sanjeev Gupta, was first to express an interest after the Indian conglomerate announced the shock decision to dispose of its loss making UK business, including the country's biggest steel plant at Port Talbot in south Wales. The other bidder, Excalibur Steel UK Limited, is a management buyout team.

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Liberty House outlines green plans for Tata Steel

Liberty House has confirmed it has formally submitted a letter of intent containing its bid for the entire issued share capital of Tata Steel UK, and released a statement outlining its "sustainable" plans for the company.

The bid is based on Liberty's greensteel business model and would involve a transition from steelmaking in blast furnaces to recycling steel in electric arc furnaces over time, while ensuring the company continues to meet key customers' quality requirements.

Steelmaking would be ultimately powered by renewable energy sources.

Liberty believes the UK steel industry can achieve long-term viability if based on an agile, sustainable, non-cyclical model which integrates liquid steel-making from recycling with down-stream production and the manufacture of advanced engineering products.

– Statement from Liberty House Group
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Two firms confirm bids to buy Tata Steel's UK assets

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