The Jersey-based firm, founded by Dame Margaret Hodge’s father, has been discussed for sale recently.
The British steel dealer Stemcor is owned by a Chinese company. The last time it changed hands was less than a year ago.
Stemcor, founded by Dame Margaret Hodge’s father, is considering a new owner.
ShouYe Holdings, which is based in Hong Kong, has owned the company since July of last year. Its main office is now in Jersey.
It used to be a part of Cedar Holdings Group, a company based in mainland China that was said to be having trouble paying its bills at the beginning of last year.
Hans Oppenheimer, a German who moved to the UK and started a business there, started Stemcor in 1951. He turned it into a world leader in steel trading and stockholding.
But after the financial crisis of 2008, it got into financial trouble and had to do a major debt restructuring.
In the end, it was split into two separate companies, one of which, Moorgate Industries, was mostly made up of assets in India.
It was said in 2015 that Dame Margaret, who has been critical of multinational companies’ tax avoidance strategies for a long time, was one of the people who benefited from the closing of a Liechtenstein charity that owned shares in Stemcor.
She told them that she had “paid all taxes in full” at the time.
Also Stemcor has nothing left to do with her or any of her family members.