Sunday, July 5, 2020

British Steel hosts visit from potential Chinese purchaser

The period of exclusivity with Turkish company Ataer Holding A.S. to complete the sale of British Steel and its subsidiaries ended in October, and a new potential buyer has entered the field.

Discussions with Ataer are continuing, but the Official Receiver has confirmed discussions with other interested parties about the sale of the business, with the ability to conclude a transaction in a short time available.

The Official Receiver confirmed discussions are taking place with a Chinese bidder interested in purchasing the whole of British Steel, with plans to expand British Steel’s operations as a key strategic acquisition to develop their operations outside of China.

Visits to the Scunthorpe site for this bidder began on Monday 28th October with detailed due diligence meetings and tours of the ironmaking and steelmaking operations – these are continuing across British Steel and its subsidiary locations. The due diligence process has been designed to be intensive to facilitate completion within the shortest timeframe.

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