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Liberty House among potential bidders for embattled British Steel


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Liberty House among potential bidders for embattled British Steel

Sanjeev Gupta's Liberty House Ltd, Chinese steel group He Steel Group Co., Ltd. and U.K.-based private equity group Endless LLP may bid for the embattled British Steel Corp. Ltd., Financial Times reported May 23.

The U.K.'s second largest steelmaker collapsed into liquidation after it failed to secure emergency government funding, putting 4,500 jobs directly at risk.

The company needs a buyer within two to three months as it needs £400 million to £500 million of working capital and £75 million of cash injection, an unnamed source told Reuters in a same-day report.

Gupta is showing interest in British Steel but to make a deal work, a consortium of banks must be secured to support the business, the newswire said.

Liberty House, Europe's third largest steelmaker, recently expanded its portfolio with its purchase of ArcelorMittal's steel plants in Europe and Rio Tinto's Dunkerque aluminum smelter in France.

Endless was a losing bidder for British Steel in 2016, while He Steel owns a steel plant in Serbia, Financial Times noted.

But while there are interested buyers, the opposition Labour Party and unions urged the government to nationalize British Steel, the reports said.