Tata Steel Europe, the European unit of the India-based steel giant Tata Steel, has announced that seven expressions of interest submitted for the remaining assets of Tata Steel’s UK business have been immediately taken forward to the next stage of the sale process.
The company’s executive director Koushik Chatterjee stated that 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 Tata Steel Europe’s board. The company believes that the bids being taken forward offer future prospects of sustainability for the UK business as a whole. Meanwhile, the sales process will continue in an expedited and robust manner to deliver greater clarity for all key stakeholders such as employees, customers and suppliers. The company also stated that, while the sales process continues, Tata Steel’s business in the UK under its new leadership team continues to focus on 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.