Tata Steel Europe today said it is committed to exploring all possible options for the sale of its loss-making UK business in an "urgent" manner.
Tata Steel Europe today said it is committed to exploring all possible options for the sale of its loss-making UK business in an “urgent” manner.
The steelmaker declined to reveal whether it has received any proposal for a management buyout of its Port Talbot plant, the largest steel-making facility in Britain.
“It is our policy that we are not naming, confirming or commenting on any potentially interested investor or bidder at this point. All expressions of interest, including any management buyout proposals, will be considered when received,” Tata Steel Europe said in a statement.
To provide greater clarity for all key stakeholders such as employees, customers and suppliers, Tata Steel Europe said it is “committed to seeking all credible options in an urgent manner”.
As announced on Monday (April 18), the process had already resulted in the advisers to Tata Steel Europe beginning the initial exploration of interest in Tata Steel’s UK operations with 190 potential financial and industrial investors worldwide, it said.
More detailed information sharing will commence this week as the process moves into the confidential phase, it added.
“Tata Steel Europe welcomes credible expressions of interest for Tata Steel’s UK operations. In the interests of all stakeholders every credible expressions of interest will enter the same rigorous assessment process to ensure the best value and prospects of sustainability,” it said.
Last week, the firm said it has reached out to 190 potential financial and industrial investors for selling its UK assets, while appointing Standard Chartered Bank as an additional advisor to scout for buyers in Asia and Far East.
It also announced that Executive Chairman of Tata Steel Europe’s Long Products Europe business Bimlendra Jha will be appointed as CEO of Tata Steel UK.