News: Report reveals bidders for Rotherham speciality steel site
A six strong shortlist of suitors for Speciality Steels UK (SSUK) features in a report by a national newspaper - the five potential new owners known so far are from overseas.
In August, a judge approved an application from creditors to place SSUK, previously part of Liberty Steel and GFG Alliance, into compulsory liquidation. Teneo Financial Advisory Limited have been brought in as Special Managers whilst a formal sale process takes place.
The government has committed £50m to date to keep the sites in Rotherham and Stocksbridge open whilst the bidding process takes place. Multiple companies came forward with the governmment confident a buyer can be found.
The Times has now published the shortlist obtained from "sources familiar with the situation."
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Only five potential new owners are listed by the paper including:
- 7 Steel
- Aperam
- Arabian Gulf Steel Industries
- EIG Global Trust
- Evore Steel
7 Steel is operated by Sev.en Global Investments, a Czech-based investment group that invests across a range of sectors, particularly in steel production, power generation, and mining of various natural resources. It acquired Celsa Steel UK last year.
Luxembourg-listed Aperam is a global player in stainless, electrical and specialty steel and recycling, with customers in over 40 countries. It's European production utilises facilities in Belgium and France.
Based in the United Arab Emirates (UAE), Arabian Gulf Steel Industries describes itself as a forerunner in the region's steel manufacturing and operate the first carbon-neutral and net-zero steel plant in the country.
EIG Global Trust is a transformative private investment business that uses collateralized digital assets it calls stablecoin (think bitcoin and the use of blockchain), backed by $5 trillion in gold reserves. Based in the USA, the firm has regulatory approvals for 70+ central banks and thousands of commercial banks where they "actively facilitate bank tailored turn-key digital asset solutions and offers world class resources for project management."
Evore is Canadian steel manufacturing and distribution company that says that its "cutting-edge manufacturing processes and dedication to precision" sets it apart in the sector.
None of the companies, the government or its special managers, have commented on the reports.
Images: Speciality Steel UK
In August, a judge approved an application from creditors to place SSUK, previously part of Liberty Steel and GFG Alliance, into compulsory liquidation. Teneo Financial Advisory Limited have been brought in as Special Managers whilst a formal sale process takes place.
The government has committed £50m to date to keep the sites in Rotherham and Stocksbridge open whilst the bidding process takes place. Multiple companies came forward with the governmment confident a buyer can be found.
The Times has now published the shortlist obtained from "sources familiar with the situation."
Advertisement
Only five potential new owners are listed by the paper including:
- 7 Steel
- Aperam
- Arabian Gulf Steel Industries
- EIG Global Trust
- Evore Steel
7 Steel is operated by Sev.en Global Investments, a Czech-based investment group that invests across a range of sectors, particularly in steel production, power generation, and mining of various natural resources. It acquired Celsa Steel UK last year.
Luxembourg-listed Aperam is a global player in stainless, electrical and specialty steel and recycling, with customers in over 40 countries. It's European production utilises facilities in Belgium and France.
Based in the United Arab Emirates (UAE), Arabian Gulf Steel Industries describes itself as a forerunner in the region's steel manufacturing and operate the first carbon-neutral and net-zero steel plant in the country.
EIG Global Trust is a transformative private investment business that uses collateralized digital assets it calls stablecoin (think bitcoin and the use of blockchain), backed by $5 trillion in gold reserves. Based in the USA, the firm has regulatory approvals for 70+ central banks and thousands of commercial banks where they "actively facilitate bank tailored turn-key digital asset solutions and offers world class resources for project management."
Evore is Canadian steel manufacturing and distribution company that says that its "cutting-edge manufacturing processes and dedication to precision" sets it apart in the sector.
None of the companies, the government or its special managers, have commented on the reports.
Images: Speciality Steel UK
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