Tata Steel takes seven bids for its UK business to next stage

Expressions of interest for parts of the UK business are not being taken forward, company says

Tata Steel Europe has taken seven expressions of interest for its UK business forward to the next stage of the sale process.

In addition, Tata Steel Europe said it is clarifying outstanding points with a number of other parties who have submitted an expression of interest.

Expressions of interest for individual parts of the UK business are not being taken forward at this point, the company said.

The sale includes Port Talbot, the UK's largest steelworks, as well as sites at Newport and Rotherham.

About 4,000 people work at Port Talbot, some 1,300 at Newport, and about 1,200 at Rotherham. Tata also has operations at Corby, Shotton and Teesside.

Koushik Chatterjee, group executive director (finance and corporate) of Tata Steel, said: “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.

"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.