Uncertainty continues to surround the future of Caerphilly-based steel lintel manufacturer Catnic, after parent company Tata Steel confirmed it is up for sale.
On Tuesday, March 29, Tata Steel announced it was looking to sell off its UK business in light of annual losses running into millions of pounds.
Indian-owned parent company Tata made the announcement after claiming a plan to save steel plants, including the UK’s largest steelworks in Port Talbot, was unviable.
A spokesperson for Tata Steel said: “Catnic is part of Tata Steel’s UK operations and therefore as a buyer is being sought for the entire business’ UK steel operations, this would also include Catnic.”
Two potential buyers for Tata Steel’s UK business have emerged so far since the announcement in March.
The first is a plan from Sanjeev Gupta’s Liberty House commodity group which would refocus Port Talbot on recycling steel.
The second is a management buyout led by Port Talbot boss Stuart Wilkie.
One of the people reported to be behind the management buyout plan is Newbridge-raised billionaire Sir Terry Matthews, who is reported as saying: “It is a good time to invest in Welsh steel with the industry being at a low point.”
Both Liberty and Mr Wilkie have indicated they will need support from government to seal a deal. The UK Government and Welsh Government have said they are prepared to take a 25% stake in Tata’s UK operations alongside a new buyer.