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Mr Sanjeev Gupta Still Interested to buy British Steel – Reports

Steel News - Published on Tue, 03 Dec 2019

Image Source: ft.com
According to reports in British media, Mr Sanjeev Gupta is ready to buy British Steel if an offer by a Chinese firm Jingye Group fails to sail through. According to a source, Mr Gupta is still interested in acquiring the company but he is concerned that the rescue plan may come in too late if Jingye Group delays on its offer. Sources close to Mr Gupta said that the offer comes with a plan to replace British Steel’s one of the two blast furnaces at the Scunthorpe site with an electric arc furnace.

At the start of last month, Jingye Group announced intentions to acquire the British steel company, but a regulator will need to approve the deal first. A spokesperson from Jingye confirmed that there are a lot of procedures that are still pending.

Away from approvals, a complication is likely to occur due to British Steel’s France branch in Hayange. The French Economy and Finance Minister Bruno Le Maire said that they were going to make sure that the sovereign interests of France and the significance of Hayange as a supplier to the French rail operator SNCF were protected.

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Posted By : Rabi Wangkhem on Tue, 03 Dec 2019
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