Liberty Steel Ready to Buy Tata Steel Port Talbot Steelworks
London’s Business Newspaper City AM reported that Mr Sanjeev Gupta's Liberty Steel is poised to swoop for Tata Steel’s UK steelworks at Port Talbot in
Wales, which employs 8,000 people, and has been seeking emergency government funding for months. Sources close to Liberty Steel told City AM that in the event that no government funding was forthcoming, Mr Gupta’s firm would be a willing buyer.
Tata Steel recently announced that Swedish firm SSAB is in discussions with Tata Steel over buying its assets in the Netherlands, which would lead to the break up of the firm’s European steel operations. Potential Swedish ownership has led to considerable alarm over the future of the Port Talbot site, which currently employs about 8,000 workers.
Tata last week said it was reviewing all options to make its UK business self-sustaining in the future. The steelworks has been asking for emergency government support for months, but none has thus far been forthcoming, leading to fears that it is facing imminent bankruptcy.