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Abu Dhabi steel group eyes takeover of Gupta's UK empire
A UAE-based steel company has made an approach to buy Britain's third-biggest steel producer, months after it was declared "hopelessly insolvent" and fell into the hands of the Official Receiver.
Sky News has learnt that Arabian Gulf Steel Industries (AGSI), which is headquartered in Abu Dhabi, is among a small number of parties which have lodged proposals to take control of the Speciality Steels UK (SSUK) business which until last summer was owned by the metals tycoon Sanjeev Gupta's Liberty Steel empire. The business collapsed into compulsory liquidation in August, sparking a scramble in Whitehall to find a buyer for it as part of efforts to preserve the UK's steelmaking capabilities.
The SSUK business operates sites at Rotherham and Stocksbridge in South Yorkshire, and across its operations employed close to 1,500 people when it collapsed last summer. This weekend, it was unclear how advanced any discussions were between AGSI and the Official Receiver, while the terms of any proposal were also unclear.
One source suggested that AGSI might be keen to secure financial backing from Britain's National Wealth Fund to support a takeover of SSUK and fund a resumption of steelmaking at its sites in Yorkshire. AGSI describes itself on its website as "the epitome of Net Zero steel.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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