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Old 11th August 2019, 21:01   #31 (permalink)
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Re: Turkish Military may save British Steel

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Originally Posted by kemerkid View Post
Usual old jaycey, full of fun.
Seems you missed #27 or perhaps you were short of an adult response.
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Old 11th August 2019, 21:07   #32 (permalink)
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Re: Turkish Military may save British Steel

I didn't miss anything, your 'usual vitriol' comment stuck out like a sore thumb.
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Old 11th August 2019, 21:47   #33 (permalink)
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Re: Turkish Military may save British Steel

I confess to knowing little about this story apart from the little I have read over here.

"Oyak, a pension fund owned by the Turkish military, is in last-minute talks to buy British Steel, the Financial Times reported.

The pension fund, which owns Turkey’s largest steelmaker Erdemir through subsidiary Ataer Holding, is in negotiations with the British government, the FT*said, citing two people familiar with the matter.

British Steel, owned by private equity firm Greybull Capital, entered insolvency in May after pleas for a state bailout were rejected. Liberty House, a British company led by Indian businessman Sanjeev Gupta, has also made a rival offer.

Ataer is seeking financial commitments from the British government that involves taxpayer support, one of the people said. Any such support may contravene EU rules restricting state aid, the person said.

The potential deal’s terms were being negotiated line-by-line on the telephone between representatives of the British government and Ataer, one person said, according to the FT.

British Steel favours the bid from the Turkish firm, one of the people said.

Ataer has pledged to boost production at British Steel’s Scunthorpe plant and to implement a cost-reduction plan drawn up by the current management, the FT said. It is also planning to build a new furnace and convert the plant to gas power, it said, citing one of the people."
It looks fraught with dificulties reading between the lines.
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Old 11th August 2019, 21:57   #34 (permalink)
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Re: Turkish Military may save British Steel

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Originally Posted by kemerkid View Post
I didn't miss anything, your 'usual vitriol' comment stuck out like a sore thumb.
Sorry if I touched a nerve but best you suck it up because until you reach some semblance of maturity nothing is going to change.
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Old 23rd October 2019, 16:35   #35 (permalink)
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Re: Turkish Military may save British Steel

Fresh doubts about British Steel as bid hopes fade

The government is ready to open talks with bidders for British Steel after failing to agree terms with the Turkish company granted exclusivity in August.

Turkey's Ataer Holding had until Thursday to reach an agreement to buy the business, which includes the works in Scunthorpe.

Since May, British Steel has been kept running by the government as it seeks a buyer for the business.
Some 5,000 jobs are directly at risk and another 20,000 in the supply chain.

https://www.bbc.com/news/business-50151578
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Old 11th November 2019, 14:50   #36 (permalink)
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Re: Turkish Military may save British Steel

Looks like the Turks have lucked out buying British Steel .... it looks like its to be the Chinese ... one authoritarian to another....

When was the last time we have heard of a British company buying a foreign company? it seems a constant stream of British companies going into the hands of foreign companies.

Our companies and their workers seem to be on the shopping list of others,and with it workers jobs, ok till the parent company hits a have recession and takes the companies and jobs home.....
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Old 11th November 2019, 15:27   #37 (permalink)
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Re: Turkish Military may save British Steel

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Originally Posted by Camden View Post
The Turkish Military pension fund Ataer a subsidiary of Oyak, is the favorite, to be the savior of British Steel, and save 4,000 British jobs .... of course with a £300 million incentive thrown from the UK money tree...

The good thing apart from the saving of 4000 jobs is Ataer want to invest in the Scunthorpe plant and want to make the greenest steel in Europe ..... by modernizing and converting the plant to use gas.

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.

City sources said on Friday that the government's agreement to provide the funding would enable the Official Receiver (OR) to grant Ataer Holding a formal period of exclusivity within which to complete a takeover of the UK's second-largest steel producer.

Some of the figures associated with the support package have yet to be finalised but in aggregate it is understood that it could amount to a long-term sum worth more than £300m.

The final number could vary depending upon which elements are ultimately utilised by Ataer.

Insiders said that the funding would not breach EU state aid rules - which had been a factor in the government's decision not to provide additional money to British Steel before it collapsed into insolvency in May.

https://sun-fm.com/sky-news/latest/business/11781023/
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Looks like the Turks have lucked out buying British Steel .... it looks like its to be the Chinese ... one authoritarian to another....

When was the last time we have heard of a British company buying a foreign company? it seems a constant stream of British companies going into the hands of foreign companies.

Our companies and their workers seem to be on the shopping list of others,and with it workers jobs, ok till the parent company hits a have recession and takes the companies and jobs home.....
You seemed as 'happy as Larry' when you thought your motherland was going to snap up British Steel.... Now you're labelling the UK as an "Authoritarian State" akin to China.!

Sour Grapes springs to mind!
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Old 11th November 2019, 18:46   #38 (permalink)
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Re: Turkish Military may save British Steel

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Originally Posted by tintagel View Post
You seemed as 'happy as Larry' when you thought your motherland was going to snap up British Steel.... Now you're labelling the UK as an "Authoritarian State" akin to China.!

Sour Grapes springs to mind!
I agree I was happy for the workers jobs being saved weren't you ? with the Turkish bid. ( especially when the Govt said without investment they would let the plant and the workforce go under ) and your right, I was also happy with Ataer's promise of a Green modernization of the plant,in doing so giving the workers a future, but wasn't happy it was Turkish Military connected nor RTE involved , but when between a rock and a hard place ... I also have the same feeling about the Chinese bid ....it being an Authoritarian regime.

I don't remember labeling the UK as Authoritarian akin to China ( I take you mean this Govt ) .... but then again maybe you being closer to that wing of politics may know better ...

Last edited by Camden; 11th November 2019 at 18:53..
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Old 11th November 2019, 19:28   #39 (permalink)
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Re: Turkish Military may save British Steel

It’s good that jobs will be saved *(?) but not so happy that all profits will go overseas.

But it’s sad to see British production capabilities being sold off when increased manufacturing is crucial to UK’s success at this critical time. Makes me wonder how many other capital assets are up for grabs.

But just how can Turkey or China make the necessary investments to turn things around when the Brits cannot? Better management, better technology and *an influx of foreign workers?
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Old 11th November 2019, 20:58   #40 (permalink)
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Re: Turkish Military may save British Steel

Excuse B2B but…

British Steel’s rescue deal at a glance..

https://www.theweek.co.uk/104268/bri...rce=newsletter

“…Gareth Stace, director general of industry lobby group UK Steel, told BBC Radio 4’s Today that the business being bought was a “significant asset to our country” as it makes up a third of UK steel production, mostly from Scunthorpe.

Sky News adds that the bailout would be “an important sign of the government’s commitment to steel manufacturing in the UK”

Perhaps some member can explain how sale of a major manufacturing plant to a foreign nation is a significant capital asset or how it demonstrates government commitment?
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