The board of Tata Steel Europe has announced it has advanced seven expressions of interest for its UK business to the next stage of the sale process.
It is known that Tata Steel Europe’s primary intention is to ensure that the interested parties are looking at the whole of Tata Steel’s UK business. Parties which are seeking just part of the business will not be taken any further.
Group Executive Director of Tata Steel Limited, Mr Koushik Chatterjee, commented on sales 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.”
The next phase of the sales process will see the parties given access to more business information and management team presentations, which will help progress their interest to a binding stage.
Tata Steel is the second largest steel producer in Europe.