The news is changeable! Tata Steel UK Branch denies proposed acquisition

SMM10, March 9: according to recent reports, Jingye Group told Tata Steel's parent company and the government that it would seek to acquire the largest steelmaker in the UK. According to bank sources, Jingye's interest is still at an early stage and insists that there is no formal sale process for Tata Steel's UK business. However, discussions between Tata's Indian parent company and the government have failed to make substantial progress in the past few weeks since investment bankers were drafted to help ministers reach an agreement, they added.

It is reported that if Jingye acquired Tata Steel UK from the liquidator in March, it would restructure the two largest UK steel mills, Port Talbot and Scunthorpe, and put them under joint ownership. Tata Steel did not own the Scunthorpe program until 2016, when it was sold to Greybull Capital, an investment firm. Although much of the UK steel industry has been controlled by foreign owners for more than a decade, the unification of two such large employers owned by China will inevitably lead to political scrutiny.

However, according to the latest news, Tata Steel Europe later denied reports of selling its UK assets to Chinese steel giant Jingye Group. A spokesman for Tata Steel said, "We want to clarify that this is speculative and untrue." This weekend, the British media published a number of reports indicating that Chinese steel company Hebei Jingye Group has expressed interest in acquiring Port Talbot, the flat steelmaking asset of Tata Steel. Tata Steel's Talbot Steel Plant in South Wales is the largest steelmaker in the UK. The plant has an annual output of 5 million tons of pig iron and 4.9 million tons of crude steel, and produces hot-rolled and cold-rolled coils.