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Liberty House Group confirms bid for Tata Steel UK

Reuters

LONDON (Reuters) - Metals group Liberty House confirmed on Tuesday it had formally submitted a letter of intent to buy the British assets of Tata Steel.

Liberty reiterated that it plans to shift Tata Steel UK's operations away from steelmaking in blast furnaces to recycling steel in electric arc furnaces, according to a statement sent by email.

Earlier on Tuesday, a management and employee buyout vehicle, Excalibur Steel, said it also registered a letter of intent with Tata Steel expressing its formal interest.

(Reporting by Andy Bruce; editing by David Clarke)