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Tag: steel

Hundreds of jobs saved as British Steel unit sold

Hundreds of jobs saved as British Steel unit sold

Business
By Mark Kleinman, City editor Hundreds of jobs at a British Steel subsidiary will be saved on Friday when a French engineering giant confirms the acquisition of TSP Projects, an infrastructure design consultancy.Sky News has learnt that Systra, which has been engaged in talks to buy TSP for three months, has clinched a deal to buy the business, along with its £70m-plus pension liabilities. The agreement is expected to be announced by Systra and the Official Receiver, which has been managing British Steel since it collapsed into compulsory liquidation in May.A much larger transaction involving the sale of British Steel's wider business, including its vast steelworks in Scunthorpe, remains subject to several weeks of due diligence by Atae
Turkish fund eyes £900m British Steel revival‎ plan

Turkish fund eyes £900m British Steel revival‎ plan

Business
By Mark Kleinman, City editor The Turkish pension fund plotting a takeover of British Steel is preparing to commit close to £1bn to help fund the company's revival.Sky News has learnt that Ataer Holding, which is poised to enter a formal period of exclusive negotiations to buy British Steel this week, has drawn up a business plan that would involve approximately £900m of investment over several years. The figure is in addition to a support package from the government - revealed by Sky News late last week - that could amount to £300m in the form of grants, indemnities and loans on commercial terms.Ataer is a unit of Oyak, which looks after the pension pots of Turkey's military personnel.Insiders said that the Official Receiver (OR) was likely to announc
Ministers agree £300m British Steel support package

Ministers agree £300m British Steel support package

Business
By Mark Kleinman, City editor The government has agreed to provide financial support to British Steel potentially worth hundreds of millions of pounds, paving the way for Turkey's military pension fund to secure the company's immediate future.Sky News has learnt that ministers at the Department for Business, Energy and Industrial Strategy (BEIS) have signed off on the package, which will encompass grants, possible indemnities, loans on commercial terms and other items. The move will, if finalised, smooth the path towards a takeover of British Steel that would salvage many thousands of jobs.City sources said on Friday that the government's agreement to provide the funding would enable the Official Receiver (OR) to grant Ataer Holding a formal period of ...
Steel pension fund in talks about £10.5bn buyout

Steel pension fund in talks about £10.5bn buyout

Business
By Mark Kleinman, City editor The trustees of the £10.5bn British Steel Pension Scheme (BSPS) are in secret talks to offload it two years after it was handed £550m to secure a rescue of the UK's biggest steel producer. Sky News has learnt that the BSPS board has kicked off discussions with a number of insurance giants about a blockbuster buyout of the scheme. The talks will determine the future responsibility for paying pensions to tens of thousands of c‎urrent and former workers at the vast Port Talbot steelworks in Wales.If successfully concluded, a deal would represent the biggest-ever transaction involving a corporate retirement fund, dwarfing a £4.6bn partial buy-in agreed by Rolls Royce Holdings and Legal & General earlier this month.The only
British Steel collapse prompts parliamentary inquiry

British Steel collapse prompts parliamentary inquiry

Business
MPs are to launch an inquiry into the UK's steel industry after the collapse of one of the sector's biggest firms.The move by the Business Committee follows the liquidation of British Steel last month and concerns about the impact of Brexit on the steel industry.The committee will look at the role of former owner Greybull Capital, and the government, in the company's collapse.MPs said they wanted to hold public evidence sessions with Greybull and the business secretary, among others.British Steel was placed into compulsory liquidation on 22 May, putting 5,000 jobs at risk and endangering 20,000 in the supply chain.It followed a breakdown in rescue talks between the government and private equity firm Greybull.The government is covering the firm's wage bill...