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| Tata 'reaches out' to 190 buyers for Port Talbot plant | Tata 'reaches out' to 190 buyers for Port Talbot plant |
| (about 1 hour later) | |
| Tata has "reached out" to 190 potential bidders for its giant Port Talbot site. | Tata has "reached out" to 190 potential bidders for its giant Port Talbot site. |
| It follows news that the plant's chief Stuart Wilkie is set to launch a management buyout of the company's UK operations. | |
| Tata, which is selling its entire loss-making UK business, would not be drawn on the identity of those approached. | Tata, which is selling its entire loss-making UK business, would not be drawn on the identity of those approached. |
| "We are trying to find a responsible buyer. We don't want the process to last forever - our main aim is to find the right buyer," said a spokesman | |
| Mr Wilkie was one of the main people behind a survival plan that was rejected by the Tata board in India and the UK business was put up for sale. | Mr Wilkie was one of the main people behind a survival plan that was rejected by the Tata board in India and the UK business was put up for sale. |
| He has years of experience with Tata and at Corus before that. | He has years of experience with Tata and at Corus before that. |
| The Scot has been a senior manager in various parts of the business, including at Ebbw Vale before its closure in 2002. He has worked at Llanwern and Trostre and was a director at Cogent Power in Newport. | The Scot has been a senior manager in various parts of the business, including at Ebbw Vale before its closure in 2002. He has worked at Llanwern and Trostre and was a director at Cogent Power in Newport. |
| He is the currently director of Tata Steel strip products UK, which works across Port Talbot and Llawern plants. | He is the currently director of Tata Steel strip products UK, which works across Port Talbot and Llawern plants. |
| Wednesday marks the deadline for expressions of interest - the first stage in the sales process which got under way last week - and Tata will start to whittle down who are the credible buyers. | Wednesday marks the deadline for expressions of interest - the first stage in the sales process which got under way last week - and Tata will start to whittle down who are the credible buyers. |
| Who might buy Tata in Port Talbot? | Who might buy Tata in Port Talbot? |
| What's going wrong with Britain's steel industry? | What's going wrong with Britain's steel industry? |
| Tata Steel UK: What are the options? | Tata Steel UK: What are the options? |
| Is China to blame for steel woes? | Is China to blame for steel woes? |
| Tata Steel directly employs 15,000 workers in the UK and supports thousands of others, across plants in Port Talbot, Rotherham, Corby and Shotton. | Tata Steel directly employs 15,000 workers in the UK and supports thousands of others, across plants in Port Talbot, Rotherham, Corby and Shotton. |
| Steel company Liberty House, owned by Sanjeev Gupta, has publicly expressed an interest in buying the Port Talbot works, which employs more than 4,000. | Steel company Liberty House, owned by Sanjeev Gupta, has publicly expressed an interest in buying the Port Talbot works, which employs more than 4,000. |
| The steel crisis has been driven by falling prices and a global oversupply. | The steel crisis has been driven by falling prices and a global oversupply. |
| In the UK, high energy costs and cheaper Chinese imports have exacerbated the issue. | In the UK, high energy costs and cheaper Chinese imports have exacerbated the issue. |
| Dr Kath Ringwald, a senior lecturer at the University of South Wales' faculty of business and society, said there were "enormous difficulties ahead" but the buyout would be welcomed by everyone. | Dr Kath Ringwald, a senior lecturer at the University of South Wales' faculty of business and society, said there were "enormous difficulties ahead" but the buyout would be welcomed by everyone. |
| She told BBC Radio Wales: "It is a very different plan; for example the Liberty plan is talking about no redundancies. | She told BBC Radio Wales: "It is a very different plan; for example the Liberty plan is talking about no redundancies. |
| "Whether or not this plan could succeed on the same basis we don't know but it is a very difficult time in market conditions to be tabling an ambitious plan for re-investment." | "Whether or not this plan could succeed on the same basis we don't know but it is a very difficult time in market conditions to be tabling an ambitious plan for re-investment." |