JSW Steel Denies Interest in Liberty Steel Assets
JSW Steel informed BSE "It is hereby clarified that such reports stating about the Company’s interest in bidding/buying Liberty Steel’s assets are not only
JSW Steel informed BSE "It is hereby clarified that such reports stating about the Company’s interest in bidding/buying Liberty Steel’s assets are not only speculative but also misleading and mischievous."
Reuters, citing people familiar with the matter, had reported that JSW Steel is considering a bid to buy Liberty Steel in Britain as well as mills elsewhere, as would-be buyers circle Sanjeev Gupta’s global commodities empire. Sources told Reuters “Although JSW Steel is interested in bidding there are obstacles to any deal, including navigating the fallout from Brexit as well as India’s coronavirus crisis. And no final decision had been taken on whether to bid. The due diligence has not yet started. After Brexit, it will not be easy to operate these assets.”
Private equity investor Endless and China’s Jingye Group, which owns British Steel, are also interested in Gupta’s business in Britain. Separately, commodity trader Trafigura has expressed an interest in investing in GFG’s aluminium smelter at Dunkirk in France
Any change of ownership of Liberty Steel, which employs around 3,000 people in Britain, will be politically sensitive. The UK government has said that it is closely monitoring developments around Liberty Steel and continues to engage closely with the company, the broader UK steel industry and trade unions.