As the deadline for bids for Tata's UK steel business ticked by this lunchtime, more details have emerged about how two of the bidders plan to join forces.
Excalibur Steel is the name of the management buy-out bid. It was thought to involve keeping the blast furnaces open for the production of new steel and was favoured by unions. It was based on the original turnaround plan submitted to - and rejected by - the board of Tata in March.
The Liberty House bid was submitted by Indian businessman Sanjeev Gupta who has already snapped up some of Tata's assets. His plan involved recycling existing steel in less costly and labour-intensive Arc furnaces rather than producing brand new steel.
It now emerges that there is a compromise position in which Excalibur will back the Liberty bid, which will be modified to see one of the blast furnaces continue operation for an unspecified time, while simultaneously introducing Arc furnaces alongside.
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