Deals
Turkish Military Pension Fund in Talks to Buy British Steel
- Oyak unit Ataer will review U.K.’s second-biggest steelmaker
- Offer from Ataer was ‘acceptable,’ Insolvency Service says
British Steel Ltd.'s plant in Scunthorpe, U.K.
Photographer: Darren Staples/BloombergThis article is for subscribers only.
A Turkish group managing military pensions entered exclusive talks to buy British Steel, the first step in a rescue that could save about 5,000 jobs in the U.K.’s manufacturing heartland.
The U.K.’s No. 2 steelmaker was put into liquidation in May, just three years after being acquired by private equity firm Greybull Capital LLP for 1 pound. In addition to contracting demand, surging costs and cheap imports, British steelmakers face uncertainty around Brexit, with some European Union customers concerned that tariffs could be imposed on shipments from the U.K.