Positivity from prospective purchaser of Rotherham steelworks

Sanjeev Gupta, executive chairman of the Liberty House Group, is confident that capacity of Tata Steel’s Rotherham site can be increased five-fold if the proposed £100m deal for the Speciality Steels business goes through.

At the end of March, Tata Steel concluded that it was exploring all options for portfolio restructuring including the potential sale of Tata Steel UK, in whole or in parts. Following a board meeting in July, the steelmaker decided on a separate process for the potential sale of its Speciality Steels business, which until recently employed over 2,000 people at sites like Aldwarke in Rotherham and Stocksbridge in Sheffield.

Liberty House and Tata Steel announced in November that a letter of intent had been signed and that they expect the acquisition of the speciality steel business in its entirety, including the two businesses in Rotherham (at Aldwarke and Brinsworth Strip Mill), to complete early in the first quarter of 2017.

Read on… http://www.rothbiz.co.uk/2016/12/news-5285-positivity-from-prospective.html?m=1

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