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Liberty House hopeful on Tata Steel

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22nd Aug 16 11:31 am

Liberty is advanced talks

International commodity group Liberty House expects to buy some of Tata Steelโ€™s UK operations next month. Liberty is in advanced talks to purchase India-owned Tataโ€™s pipe business in Hartlepool, which employs 600 people.

Liberty House is also among bidders for Tataโ€™s speciality steel operations in Rotherham and Stocksbridge.

A Tata spokesperson said only that the groupโ€™s speciality and pipe operations have attracted several prospective buyers and the sales are making progress.

Tataโ€™s steel plant at Port Talbot in Wales made a profit of ยฃ5m (US$6.5m) in June, up from a ยฃ1m daily loss six months earlier. Tata Steel UK as a whole โ€“ including the pipe and speciality operations โ€“ has also become profitable. Port Talbotโ€™s future is unclear after a sale was suspended following uncertainty arising from the UKโ€™s vote for Brexit.

This story first appeared on Acquisitions Daily, a leading publication that provides critical comment, analysis and statistics on every important issue in acquisitions, mergers and buyouts. Sign up here for a free trial.

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