海角视频

Chinese firm Jingye is considering a bid to acquire Tata Steel 海角视频.

While reportedly at an early stage, and with no formal sales process in play from the the Indian-owners of Tata Steel 海角视频, which employs 8,000 in Wales and around 4,000 at its primary steelmaking plant in Port Talbot, it is understood that Jingye has approached Tata and the 海角视频 Government over a possible deal.

Loss-making Tata 海角视频, is a subsidiary of Tat Steel Europe.

Earlier this year Jingye acquired British Steel, with its Scunthorpe steeworkers, out of liquidation.

The Scunthorpe plant was in Tata ownership up until 2016, when it was sold to US investment firm Greybull Capital.

However, it is not clear how the 海角视频 Government would feel about two of the 海角视频' largest steelmaking plants in Port Talbot and Scunthorpe being under Chinese ownership, against the backdrop of removing Chinese technology firm Huawei from the the 5G network.

Steel magnate Sanjeev Gupta, executive chairman of Liberty Steel Group, has also said he would consider an acquisition if the Port Talbot steelworks was brought to market.

Liberty Steel, part of the GFG Alliance owned by the Gupta family, was one of a number of bidders for Tata鈥檚 海角视频 steel business back in 2016, before the sales process was abandoned.

Tata then pursued a joint venture of its European steel business with German conglomerate Thyssenkrupp, before that was dissolved last year.

Mr Gupta, who lives in Monmouthshire, said of the Tata鈥檚 海角视频 business: 鈥淚f we are offered, we are ready to look at it. We have a strong relationship with the Tata Group and are ready to explore any kind of partnership with them. The question is of Tata鈥檚 drive. I am always ready.鈥�

It comes after Tata Steel 海角视频 has reported a fall in demand for its steel products of around 20% due to the pandemic, against the backdrop of over supply of steel globally that predates Covid.

Under its Project Birch initiative the 海角视频 Government is exploring providing funding to major employers in sectors deemed of national significance such as steel.

So far the only business to have received financial backing under Project Birch is Spanish-owned Celsa Steel, which employs around 800 at its recycled steel mill in Cardiff with a repayable loan of 拢30m. Celsa has also received a loan of 拢2.9m from the Welsh Government.

While it has received financial backing from its Indian parent company, Tata 海角视频 Steel, which is a subsidiary of Tata Steel Europe, is looking to secure a 拢500m funding deal with the 海角视频 Government, as part of efforts to sustain the business for the long-term.

Conditions of any funding from the 海角视频 Government, which could potentially see it taking an equity stake in the steel business, are likely to seek a reduction in carbon emissions and supporting its target of the economy achieving net zero emissions by 2050.

This has led to speculation that any funding could also be conditional on Port Talbot pivoting from a primary steel operation, to a recycled steel one based on electric arc furnaces.

So far the only business to have received financial backing under Project Birch is Spanish-owned Celsa Steel, which employs around 800 at its recycled steel mill in Cardiff with a repayable loan of 拢30m. Celsa has also received a loan of 拢2.9m from the Welsh Government.

While it has received financial backing from its Indian parent company, Tata 海角视频 Steel, which is a subsidiary of Tata Steel Europe, is looking to secure a 拢500m funding deal with the 海角视频 Government, as part of efforts to sustain the business for the long-term.

What we know of Jingye Group

Jingye Group describes itself as a multi-industrial company specialising in iron and steel.

A 拢10 billion turnover operation, a total of 23,500 employees work for the company, which is headquartered 300km south west of Beijing in Pingshan, neighbouring Xibaipo 鈥� once home to the Central Committee of the Communist Party of China.

This year has seen it ranked 217th in the top enterprises of China, and it has topped the region it operates from for the past decade.

It is recognised as a global large scale production base for deformed steel bar and a pioneer of high-tensile reinforcing steel.

Jingye has successfully developed high quality steel such as ship plate, bridge plate, steel for high-rise buildings, high-strength seismic resistance and round steel.

Applications have included many domestic high profile infrastructure construction projects, with Beijing Daxing International Airport, Three Gorges Dam, and the China Pavilion at Shanghai Expo all proud exponents.

It has been awarded famous brand and trustworthy brand accreditations and is listed as an 鈥渆xcellent supplier鈥� by China Railway Group Ltd, Power China, China Road and Bridge Corporation and China State Construction.

A legacy in chemicals, formed in 1988, Jingye emerged in steel close to the turn of the century, and five years ago acquired Inner Mongolia Ulanhot Iron and Steel Limited Liability Company. Other interests include powder metallurgy, 3D printing, tourism, hotels, and real estate, with the later three combined for the creation of mountainous resort villages.

Additive manufacturing will be of significant interest, so too the advances in short-process thin strip casting and rolling of steel, cutting costs by 35 per cent, and water and power use by 80 per cent.

Global aspirations are clearly defined by the company when it comes to iron and steel products.

It operates 18 blast furnaces, producing 15 million tonnes of steel annually, exporting to 80 countries.

Conditions of any funding from the 海角视频 Government, which could potentially see it taking an equity stake in the steel business, are likely to seek a reduction in carbon emissions and supporting its target of the economy achieving net zero emissions by 2050.

This has led to speculation that any funding could also be conditional on Port Talbot pivoting from a primary steel operation, to a recycled steel one based on electric arc furnaces.

Last week Economy Minister Ken Skates said that any 海角视频 Government support to Tata shouldn't be conditional on a move to arc furnaces, with job implications entailed.

He added: "I would be deeply concerned if conditionality [海角视频 Government funding to Tata] was based on support that led to a significant number of jobs being lost.

"The aim of the game for everybody, us, Tata and the 海角视频 Government, is to have a sustainable business model and one that contributes less in terms of carbon emissions and also one that maximises employment numbers."

A Tata spokesman said: "Tata Steel remains in ongoing and constructive talks with the 海角视频 Government on areas of potential support. As these discussions have not reached a conclusion, it would be premature to comment on any options that may or may not be under consideration."