Tata’s Port Talbot chief Stuart Wilkie is to launch a management buyout of the company’s operations in the UK.
Tata is selling its entire loss-making UK business and has asked for expressions of interest as part of the sales negotiations process.
Mr Wilkie was one of the main people behind a survival plan which was rejected by the Tata board in India and the UK business was put up for sale.
The steel crisis has been driven by falling prices and a global oversupply.
In the UK, high energy costs and cheaper Chinese imports have exacerbated the issue.
The steel union Community said it would welcome “prompt discussions with Stuart Wilkie and any management buyout option”.
BBC Wales business correspondent Brian Meechan said with any potential buyer for Tata, the management buyout would require significant financial support from the UK government.
“It’s believed though that any management buyout would involve retaining the blast furnaces and making steel from scratch as opposed to the proposal by Liberty to turn it into a recycling facility,” he added.
What’s wrong with the BBC? This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at …read more
Source:: BBC UK