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Tata considers bids for UK steel plants | Tata considers bids for UK steel plants |
(about 9 hours later) | |
Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have travelled to Mumbai for a Tata board meeting to discuss bids for Port Talbot and its other UK steel operations. | Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have travelled to Mumbai for a Tata board meeting to discuss bids for Port Talbot and its other UK steel operations. |
Tata said there had been seven expressions of interest in the business, which also has sites at Newport and Rotherham. | |
But it has declined to comment on any potential buyer. | |
The board is expected to draw up a shortlist on Wednesday. | |
Those reported to have put their hats in the ring are Greybull Capital, which has already bought Tata's long products business. | |
Management buyout vehicle, Excalibur Steel, which is led by Stuart Wilkie, the head of Tata's UK strip steel unit, based in south Wales. | |
Excalibur is willing to work together with Sanjeev Gupta's Liberty House, which has acquired two of Tata's smaller mills. | |
Others thought to be in the running include India's JSW Steel, China's Hebei Iron and Steel Group, and Endless, one of the UK's largest turnaround specialists based in Yorkshire. | |
US billionaire investor Wilbur Ross is also thought to have made a late submission. | |
It is not clear at this stage who has made an actual bid. | |
Protest planned | Protest planned |
Mr Jones said at First Minister's Questions on Tuesday that although the Excalibur bid had considerable technical expertise, it was yet to raise funding. | Mr Jones said at First Minister's Questions on Tuesday that although the Excalibur bid had considerable technical expertise, it was yet to raise funding. |
Meanwhile, hundreds of steelworkers will protest in London later to highlight the crisis facing their industry in the UK. | Meanwhile, hundreds of steelworkers will protest in London later to highlight the crisis facing their industry in the UK. |
TUC general secretary Frances O'Grady will tell the event that the UK should follow the US and impose stiff import tariffs to stop China dumping steel on world markets. | TUC general secretary Frances O'Grady will tell the event that the UK should follow the US and impose stiff import tariffs to stop China dumping steel on world markets. |
"Market economy access for China is the last thing British steelworkers need. The government must reverse course," she will say. | "Market economy access for China is the last thing British steelworkers need. The government must reverse course," she will say. |
Angela Eagle, shadow business secretary, also called on ministers to stop "kowtowing to China". | Angela Eagle, shadow business secretary, also called on ministers to stop "kowtowing to China". |
Meanwhile, steel makers around the world are urging G7 leaders meeting in Japan to take joint action against Chinese steel dumping. | Meanwhile, steel makers around the world are urging G7 leaders meeting in Japan to take joint action against Chinese steel dumping. |
Steel trade groups from the US, Europe, Canada, Japan and UK Steel have signed a statement warning world leaders that steelmakers will remain under pressure until action is taken. | Steel trade groups from the US, Europe, Canada, Japan and UK Steel have signed a statement warning world leaders that steelmakers will remain under pressure until action is taken. |
Gareth Stace, director of UK Steel, said: "Chinese government policies have contributed to significant global excess capacity in steel, unfair trade and distortions in steel trade flows around the world." | Gareth Stace, director of UK Steel, said: "Chinese government policies have contributed to significant global excess capacity in steel, unfair trade and distortions in steel trade flows around the world." |