The bidding for British Steel has come to an end

A bid thought to be worth between £60 and £70 million has been accepted for British Steel. The Turkish company, Ataer Holding, has emerged as the soon to be owner of British Steel. Ataer Holding is the largest stakeholder in a Turkish steel group, Edermir with 49.3% of shares. Edermir is Turkey’s largest steel producer.

The Official Receiver is meeting with Ataer Holding to discuss their new ownership and to see what their intentions are with Scunthorpe’s steelwork company.

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.”

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.

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