Turkish Bidder Ataer Steps In to Buy British Steel Out of Insolvency

The chronically lossmaking Scunthorpe steelworks, which three years ago renamed itself British Steel, is to get a new, Turkish, owner, The Times reported. The UK government, which marshalled British Steel into insolvency earlier this summer, the latest failure of the hapless Meyohas brothers who run Greybull Capital, has named Ataer Holding as the preferred bidder for the sprawling Scunthorpe plant. Ataer is an arm of Oyak, Turkey’s military pension fund, and also owns nearly about 49 per cent of Turkey’s biggest steel group, Erdemir. A deal that is under negotiation over the next couple of months is reported to come with financial support of £300 million from the Treasury. It is designed to save many of the 4,000 jobs at what is Britain’s second largest steelworks. Read more