Will tycoon Sanjeev Gupta be saviour of Tata’s UK steelworks?

Will tycoon Sanjeev Gupta be saviour of Tata’s UK steelworks?

THE steel tycoon Sanjeev Gupta, pictured below, has said he is ready to open talks with the UK government about a rescue plan to save the UK’s biggest steelworks at Port Talbot, South Wales, currently owned by Tata Steel.

Mr Gupta, the founder of the commodities firm Liberty House, who has already saved a number of UK plants from closure, is flying into the UK for talks.

He said he was in the process of opening discussions with the plants owners, Tata Steel and in an interview with the Sunday Telegraph, Mr Gupta said any deal would require a “proper partnership” with the Government if it was to succeed.

Tata has announced its intentions to sell off its loss-making UK assets last week, but Mr Gupta said he could not afford to buy the entire UK operation, but held out the prospect that Port Talbot could be saved.

He said: “I haven’t made a proposition that I want to buy all of (Tata Steel UK) because that’s too big an undertaking to even put on the table at this stage.

“If the company, its people, its workers and the Government would be willing to consider my suggestions then I’m willing to engage in a discussion about what role we will play in that.

“I’ve put concepts to the Government for what I think is required, and I’m asking them what are they prepared to do.”

This is the latest twist in the Port Talbot steelworks saga which included local MP Stephen Kinnock and UK union leaders visiting India to plead unsuccessfully with the Tata Steel board to keep the plant open.

Another possible saviour for the plant has come in the form of German industrial conglomerate, ThyssenKrupp,

Apparently, three months ago ThyssenKrupp was in talks with Tata about buying Port Talbot and its other UK sites. Although the German company walked away due to concerns about the losses of the UK business, it may have reviewed this decision and once again expressed an interest.

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