The London financial newspaper City AM reports that Liberty Steel <<is ready to take over the British steel mill of Tata Steel located in Port Talbot in Wales>>.
The English newspaper reminds that <<the steel mills are asking for months an emergency support by the Government, however anything suggests that this could happen soon, giving the impression of a coming bankrupt>> and <<Liberty Steel’s sources delcared that in absence of loan, the Gupta’s company could be a probable buyer>>.
It is also remembered that <<before being hit by the pandemic of Coronavirus, Tata Steel UK had a loss before tax of 654 millions pounds for the previous financial year>> although <<officials are optimistic, there is growing concern that the company is not able to support such loss if it will be divided by its Dutch activities>> which are going to pass under the control of SSAB.
The fear is that <<if the Government don’t manage to collect the 500 millions pounds required by Tata, the steel industry is worried that Port Talbot will probably have the same destiny of British Steel the last year. In May it dropped into insolvency, with 5000 jobs at risk, it has been almost one year to save the company thank to the cinese Jingye>>.
SOURCE: SIDERWEB.COM
