Potential Tata buyers criticise ‘confusing’ bidding process

Potential buyers for Tata Steel's UK operation have criticized the 'confusing sales process and lack of a clear timetable' the Financial Times has reported.

In an article published today, it highlighted bidders concerns over having 'very little interaction' with Tata's agents KPMG and not 'enough financial detail about the business'.

Meanwhile trustees of the Tata Steel pension scheme are urging members to respond to the UK government's consultation on changing their benefits.

It looks increasingly likely that the British Steel Pensions Scheme will be required to go into the Pension Protection Fund.

Although this would provide a valuable safety net, entry could significantly reduce future pension increases for all members, and for those under 65, could result in a cut of ten-percent.

Gupta has called for 'radical change' to make the struggling UK steel industry competitive again Credit: PA

Eleswhere Tata bidder Sanjeev Gupta, the head of the Liberty House Group, has called for 'radical change' to make the struggling UK steel industry competitive again.

Without which, he says will lead to the industry's inevitable 'final demise'.

Announcing Liberty House's GREENSTEEL strategy, Gupta said the industry needed 'new thinking and a fresh approach.'

Liberty Houses' GREENSTEEL strategy has three elements

  • The first is to invest in electric arc furnaces alongside blast furnaces, and to begin recycling steel.

  • The second is to invest in low cost long term renewable power, as close to the steel plants as possible.

  • The third is to invest in engineering companies that use this steel