Liberty Steel eyes synergies in planned Thyssenkrupp steel deal

FILE PHOTO: Sanjeev Gupta, executive chairman of Liberty House Group attends the completion of a 330 pound million deal to buy Britain's last remaining Aluminium smelter in Fort William Lochaber Scotland, Britain December 19, 2016. REUTERS/Russell Cheyne

FRANKFURT (Reuters) - Liberty Steel CEO Sanjeev Gupta sees synergy potential in his planned attempt to take over the steel division of Thyssenkrupp TKAG.DE, he told reporters after confirming a non-binding bid had been made.

“I am convinced that steel belongs in private hands,” he said, not putting a number on the level of synergies he expects, but adding that steel as a cyclical business needed time.

Reporting by Christoph Steitz, editing by Thomas Escritt