India’s second-largest private steel producer, JSW Steel, may bid for British Steel Ltd after the company’s liquidation advisor EY reached out to it, the Mint reported.
JSW is looking forward to this bid and is examining the proposal before putting in a formal bid, the report said citing a source aware of the development.
The British steelmaker happened to be insolvent last month following the collapse of talks between the British government and Greybull Capital, the private equity owner of British Steel, the report added.
British Steel‘s advisor EY also contacted other European steelmakers including Italy’s Marcegaglia Group, AFV Beltrame Group and Acciaierie Venete, reported Reuters in an article published on June 5.
British Steel, which produces high-cost long steel products used in construction and rail networks, was put into compulsory liquidation on May 22, putting 5,000 jobs of the company at stake and a further 20,000 more in the supply chain.
When Mint contacted JSW Steel, a spokesperson said the company would not comment on market rumour and speculation.
