According to an article in the London City A.M., Sanjeev Gupta, chief executive of London-based commodities trader Liberty House, recorded and uploaded a video appeal to the U.K. government and Indian steel company Tata to allow it to refurbish the Port Talbot and Tata’s other U.K. steel facilities.
Liberty’s plan follows Tata’s announcement in March that it would be working towards selling off its entire U.K. steel business, including the Port Talbot steelworks. Although Tata would not comment further on the sales process, the paper says it is rumored the company will announce a buyer by 24 June 2016.
Gupta says Liberty would replace the blast furnaces used in U.K. steel facilities with electric arc furnaces, which would allow the company to use ferrous scrap as its charge material.
“It is our responsibility as an industrial nation to constantly redefine our capabilities to keep us current in a highly competitive market,” Gupta says in the video. He adds that similar steps were taken by the U.S. in the 1980s to keep that country’s steel industry competitive.
City A.M. says it is believed Tata is close to revealing a shortlist of bidders on the remaining U.K. steel businesses, though no definitive date has been announced.
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