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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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Optimism at Tata Steel UK as bids come in

  • Report by ITV News Correspondent Rupert Evelyn

When the sale of Tata Steel UK was announced, it was feared that thousands of people would lose their jobs.

But spirits are high at the plant in Port Talbot with employees feeling optimistic about the future of the company after two groups have bid for the business.

Management buyout team Excalibur have said that they will turn around the plant, aiming to be profitable within two years.

The second bidder, Liberty House Group, have outlined their 'greensteel' business model for the plant.

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

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