Excalibur Steel, a management buyout group interested in purchasing Tata Steel's British steelmaking operations, is considering joining forces with rival bidder Liberty House, The Sunday Times newspaper reported. Tata said in March it wanted to sell its UK steel operation, which has been hit by cheap Chinese imports, rising costs and weak demand. The decision prompted a political scramble to find a buyer that could save the thousands of jobs at stake.
The deadline for final bid submissions is on Monday, with a decision on how to proceed with the sale set to be taken at a meeting of the Tata board in Mumbai on Wednesday. The board is likely to shortlist several bids for further scrutiny.