Money: British Steel buyer hints at need for job cuts - PressFrom - United Kingdom

MoneyBritish Steel buyer hints at need for job cuts

18:05  19 august  2019
18:05  19 august  2019 Source:

Ministers agree £300m British Steel support package

Ministers agree £300m British Steel support package 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.

The new Turkish owner of British Steel plans a productivity drive that could lead to several hundred job losses. Toker Ozcan, head of the mining metallurgy group at Mr Ozcan declined to comment on the scale of possible job cuts but told the Financial Times that productivity at the company’s main plant in

British Steel is cutting 400 jobs at its sites in the UK and elsewhere in Europe as it blamed a weak pound and euro for driving up costs. Gerald Reichmann, British Steel ’s chief financial officer, said the company needed to adapt. Hopes of saving British Steel rise as potential buyers emerge.

British Steel buyer hints at need for job cuts SKINNINGROVE, ENGLAND - MAY 21: General view of signs at the British Steel Special Profiles works on May 21, 2019 in Skinningrove, England. British Steel is on the verge of administration as it continues to lobby for government backing. The UK's second-biggest steel maker had been trying to secure £75m in financial support to help it to address

The preferred bidder for British Steel, Turkey’s military pension fund, has suggested that workers at the company could face a round of job cuts as part of a productivity drive.

In an interview on Monday, Toker Ozcan, the head of the fund’s mining metallurgy group, said that productivity was “very low” at the company’s main plant in Scunthorpe.

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A British judge in 2018 then granted Uber a probationary 15-month licence which expires on Sept. 25. Melinda Roylett, former head of Europe at digital payment company Square, begins her new role at Uber on Monday, replacing Tom Elvidge, who British Steel buyer hints at need for job cuts .

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“I am not focused on headcount but on productivity,” he said in an interview with the Financial Times, noting that the company would “take productivity to where it needs to be.”

It is thought that plans being considered by the potential new owner could result in several hundred job losses.

British Steel currently employs around 5,000 workers, and around 3,000 of them work at the plant in Scunthorpe.

The takeover, by Ataer Holding, the investment vehicle of the fund’s mining metallurgy group, is expected to be completed within two months.

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The Official Receiver on Friday said that it had received several bids for British Steel, but said that Ataer Holding was its “preferred buyer”.

The Turkish military pension fund bidding for British Steel

The Turkish military pension fund bidding for British Steel The frontrunner in the bidding for British Steel is a Turkish investment group owned by the country’s military pension fund, which is chaired by a former two-star army general. Ataer Holding, a wholly owned investment vehicle of the Turkish Armed Forces Assistance Fund, has been in negotiations with the UK government over financial support for a takeover of British Steel, which fell into compulsory liquidation in May. The pension fund, known as Oyak, is chaired by Mehmet Tas, the former army general, while its annual general meeting in May was attended by Turkey’s defence minister and the head of the country’s armed forces.

British Steel buyer hints at need for job cuts .

Tata Steel 's board meeting in Mumbai last night decided to pull out of the UK altogether and rejected Business minister Anna Soubry hinted the Government could take over steel plants while a buyer is Up to 7,000 steel workers at the Port Talbot plant in South Wales are at risk of losing their jobs after

“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,” the Official Receiver said.

The company went into liquidation in May after the breakdown of rescue talks with the government.

The collapse of the company could have resulted in thousands of job losses, and put up to 20,000 further jobs in the supply chain at risk.

Trade body UK steel noted that British Steel facilities were responsible for one third of the UK”s overall steel production, noting that this was a “major strategic asset” to the UK.

“Their loss would leave our manufacturing, construction and infrastructure capability in a considerably poorer state.”

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Hundreds of jobs saved as British Steel unit sold.
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.

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