Liberty is advanced talks
International commodity group Liberty House expects to buy some of Tata Steel’s UK operations next month. Liberty is in advanced talks to purchase India-owned Tata’s pipe business in Hartlepool, which employs 600 people.
Liberty House is also among bidders for Tata’s speciality steel operations in Rotherham and Stocksbridge.
A Tata spokesperson said only that the group’s speciality and pipe operations have attracted several prospective buyers and the sales are making progress.
Tata’s steel plant at Port Talbot in Wales made a profit of £5m (US$6.5m) in June, up from a £1m daily loss six months earlier. Tata Steel UK as a whole – including the pipe and speciality operations – has also become profitable. Port Talbot’s future is unclear after a sale was suspended following uncertainty arising from the UK’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.