Tata to decide on UK steel assets as bid deadline nears

Companies interested in buying Tata's UK steel assets have until today to submit their bids to the Indian conglomerate.

Media reports suggested that two of the key bidders, Excalibur and Liberty, could be open to joining forces. The Tata board is expected to make a decision at a board meeting on Wednesday.

The domestic steel industry was rocked in March when Tata said it wanted to sell its UK steel operations, which has been hit by cheap Chinese imports and high energy costs.

Liberty House and the management buyout group, Excalibur Steel, will submit separate bids for Tata UK, the BBC reported.

However, they plan to state in the bid documents that they are willing to work in partnership on a takeover, it added.

Other bidders include Greybull Capital, which recently bought Tata's Scunthorpe-based long products division, Hebei Iron and Steel Group, China's largest iron and steel company, Indian steel company JSW, US scrap recycler Nucor and Endless, a Leeds-based private equity firm and turnaround specialists.