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Steel crisis: Sir Terry Matthews backs Tata buyout plan Steel crisis: Sir Terry Matthews in Tata buyout consortium
(about 1 hour later)
Welsh billionaire Sir Terry Matthews has given his support to the proposed management buyout of Tata Steel's operations in the UK. Welsh billionaire Sir Terry Matthews is among a private and public sector group behind a proposed management buyout of Tata Steel's operations in the UK.
Tata's Port Talbot chief Stuart Wilkie is heading the move. Businessman Simon Gibson, who works with Sir Terry, has pulled together the group, which is meeting again on Thursday.
Neath Port Talbot council chief executive Steve Phillips confirmed he and a number of business associates, including Mr Wilkie, met Sir Terry this week. The consortium includes Tata's Port Talbot chief Stuart Wilkie, Neath Port Talbot council and unions.
This week was a deadline for expressions of interest.
The consortium, which represent workers, managers, customers, government and economists along with Mr Gibson and Sir Terry, who is chairman of Swansea Bay City Region, met for the first time on Monday.
It will be led by Newport-born Roger Maggs, who has 27 years experience of the metals industry and was recently appointed chairman of the new Port Talbot Waterfront enterprise zone.
He worked for Alcan Aluminium globally and is the founder, along with Sir Terry, of investment firm, Celtic House Venture.
Mr Gibson is chief executive of technology investment vehicle Wesley Clover - which Sir Terry chairs - and was co-founder of Ubiquity Software.
It is too early to say whether Sir Terry will back the plan financially.It is too early to say whether Sir Terry will back the plan financially.
The consortium is in the process of going through the numbers and details of a management buy-out.The consortium is in the process of going through the numbers and details of a management buy-out.
BBC Wales revealed earlier this week that Mr Wilkie was involved in a management buy-out proposal for the UK operations.
More details are now emerging of those involved in the proposal.
The steel union Community said it would welcome "prompt discussions with Stuart Wilkie and any management buyout option".The steel union Community said it would welcome "prompt discussions with Stuart Wilkie and any management buyout option".
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?
On Wednesday, Tata said it had reached out to 190 potential bidders for its Port Talbot site.On Wednesday, Tata said it had reached out to 190 potential bidders for its Port Talbot site.
A spokesman said: "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."A spokesman said: "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."
Tata Steel directly employs 15,000 workers in the UK and supports thousands of others, across plants in Port Talbot, Rotherham, Corby, Shotton and Teesside.Tata Steel directly employs 15,000 workers in the UK and supports thousands of others, across plants in Port Talbot, Rotherham, Corby, Shotton and Teesside.
The UK operations are losing about £1m a day, but Tata has not set a deadline for a sale.The UK operations are losing about £1m a day, but Tata has not set a deadline for a sale.
Tata is selling its entire loss-making UK business and has asked for expressions of interest as part of the sales negotiations process.Tata is selling its entire loss-making UK business and has asked for expressions of interest as part of the sales negotiations process.
Mr Wilkie was one of the main people behind a survival plan that was rejected by the Tata board in India.
The crisis that has hit the steel industry has been driven by falling prices and a global oversupply.The crisis that has hit the steel industry 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.
Tata has sold its Long Products Europe business at the Scunthorpe plant, safeguarding 4,400 UK jobs, but workers are being asked to accept a pay cut and less generous pension arrangements.
Steel company Liberty House, owned by Sanjeev Gupta, has publicly expressed an interest in buying the Port Talbot works.Steel company Liberty House, owned by Sanjeev Gupta, has publicly expressed an interest in buying the Port Talbot works.
Who is Sir Terry Matthews?Who is Sir Terry Matthews?