JSW Steel joins race for Tata Steel’s UK assets

JSW Steel joins race for Tata Steel’s UK assets

FPJ BureauUpdated: Friday, May 31, 2019, 03:33 PM IST
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New Delhi : Sajjan Jindal-led JSW Steel has joined the fray for acquisition of Tata Steel’s UK business, which has been put on the block by the Indian conglomerate amid severe slowdown in the sector. Confirming its interest, JSW Steel said it is evaluating several opportunities, including the current opportunity of UK steel facilities.

“As part of the company’s growth strategy, the company evaluates several opportunities, including the current opportunity of UK steel facilities. It is premature to add any further at this stage,” it said.

People in know of the development said JSW Steel has also submitted an expression of interest (EoI) for Tata Steel UK and is now waiting for a go-ahead from the Tatas.

In Oct-Dec, the company’s European business reported an operating loss of Rs 6.75 bln compared with Rs 13.1 bln operating profit a year ago, led by a sharp deterioration in market spreads.

On Monday, Tata Steel had said it has taken forward seven EoIs submitted for its UK business to the next stage of the sale process. Tata Steel UK’s assets include Port Talbot plant in south Wales, UK’s largest with around 4,000 workers, as well as sites at Newport, where more than 1,300 people are employed, and Rotherham, which employs 1,200. The flagship firm of the over USD 11-billion JSW Group, JSW Steel, with steel plants in Karnataka, Tamil Nadu and Maharashtra, has a combined installed capacity of 18 million tonnes per annum (mtpa).

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