Buyers interested in acquiring Co-Steel Sheerness, the Kent mini-mill which has been put up for sale by its Canadian owners, have until the start of next week to submit offers.
US investment bank Merrill Lynch, which is leading the sale, has issued a prospectus to British and overseas potential buyers. ‘We’ll have an idea of serious offers in the next week to 10 days,’ said Dr Hugh Billot, the plant’s personnel director.
Visits from interested parties are expected to follow soon after, said Billot, who was unwilling to comment on rumours that he is said to be putting together a buy-out proposal for the mill.
Co-Steel Sheerness, which began production in 1972, lost £4m last year. The plant makes long products, mainly for the construction market.
It has suffered from oversupply and cheap imports for a number of years and more recently has been hit by the strength of sterling, which has adversely affected its trade with Europe.