HomeBusiness“Acceptable offer” for British Steel received from Turkey

“Acceptable offer” for British Steel received from Turkey

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British Steel, manufacturer of long steel sections, including rail, and a major supplier to Network Rail and to other railway infrastructure owners around the world, has attracted an “acceptable offer” from Ataer Holdings of Turkey.

The Scunthorpe-based manufacturer went into liquidation on 22 May 2019. However, in a statement released on 16 August 2019, the Official Receiver said: “Following discussions with a number of potential purchasers for the British Steel group over the past few weeks, I am pleased to say I have now received an acceptable offer from Ataer Holdings A.S. for the purchase of the whole business and I am now focusing on finalising the sale.

“I will be looking to conclude this process in the coming weeks, during which time British Steel continues to trade and supply its customers as normal. I would like to thank all employees, suppliers and customers for their continued support which has been essential to get to this point.”

Ataer Holding is a subsidiary of Turkey’s state military pension scheme Oyak, which already has several major industrial holdings, including 49.3 per cent of Turkish steelmaker Erdemir. Oyak acquired its stake in an auction in 2005, beating several other interested parties including Mittal Steel and Arcelor, which have since combined to form ArcelorMittal, as well as Russian corporations Novolipetsk Steel and Severstal.

There now follows a period of detailed due diligence of the company ahead of its full sale, during which time no further details will be released.

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