Liberty Steel and Big River are both vying for the beleaguered Orb Electrical Steel Plants after Tata Steel announced a decision to mothball the facility.
Big River has indicated it will only assume operations if it’s managed by another company.
In September, Tata Steel, which currently manages and owns Orb Electrical Steel Plants, announced its closure by the end of 2019. However, the global steel conglomerate indicated Thursday that it would cease operations at the plant but keep it in working condition.
Tata Steel also indicated it’s committed to finding jobs at its other sites for any of the 380 employees of Orb Steel who wish to remain with the company. The plant produces electrical steel, which is said to be ideal to produce electric cars.
On Wednesday, Tata Steel presented its business roadmap to the European Works Council, endeavoring to improve the company’s run-rate EBITDA to £750mn ($999.9mn) in Europe by March 2021.
About three-quarters of the performance uplift will come from productivity improvements, reduced bureaucracy, and increased sales of higher-value steels. Employment cost savings will make up the remainder, Henrik Adam, CEO of Tata Steel in Europe, told the council.
GBP£1 = US$1.3 (as on Dec 13, 2019)