9 May 2016 | Corporate News
The Board of Tata Steel Europe has announced that seven expressions of interest submitted for Tata Steel’s UK business have been immediately taken forward to the next stage of the sale process. In addition, Tata Steel Europe is clarifying outstanding points with a number of other parties who have submitted an expression of interest. The remaining parties who submitted expressions of interest have been thanked for their participation in the process but informed that their expressions would not be taken forward currently
As previously announced it is Tata Steel Europe’s primary intention to assess expressions of interest for the whole of Tata Steel’s UK business. The seven expressions of interest being immediately taken forward are on this basis. Expressions of interest for parts of the UK business are not being taken forward at this point.
Mr Koushik Chatterjee, Group Executive Director (Finance and Corporate) of Tata Steel Limited, said: “We have been pleased with the response to the initial stage of the global sales process for Tata Steel’s UK business. Today’s announcement by Tata Steel Europe marks another important stage gate in this process. The expressions of interest received have been through a robust initial assessment process with inputs received from the UK Government whose views have been considered by the Board. We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole. The sales process will continue as announced earlier in an expedited and robust manner to deliver greater clarity for all key stakeholders such as employees, customers and suppliers.”
Mr Chatterjee continued: “Whilst the sales process continues, Tata Steel’s business in the UK under the new leadership team continues to focus on the business performance.”
In the next phase of the sales process the progressing interested parties will be given access to further business information and management team presentations in order for them to rapidly progress their interest to a binding stage.
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Notes to Editors
About Tata Steel’s European operations
Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The company supplies high-quality steel products to the most demanding markets, including construction, automotive, packaging, rail, lifting & excavating, energy and aerospace. Tata Steel works with customers to develop new steel products that give them a competitive edge. The combined Tata Steel group is one of the world’s largest steel producers, with a steel capacity of more than 28 million tonnes and 80,000 employees across five continents.