The British government has opened talks with possible buyers for Tata Steel’s entire British operation, which the Indian steel giant is selling. Among possible buyers is Liberty Group, Sanjeev Gupta’s commodities company. Gupta says he believes the business can be turned around. Fifteen thousand jobs are at stake. Gupta already owns several other UK steel businesses.
Gupta has suggested Tata’s giant Port Talbot steelworks in South Wales could survive if it upgrades its furnaces to make refined steel from slab steel and scrap rather than from iron ore.