Liberty Steel Group, owned by Indian-British billionaire Sanjeev Gupta, said on Friday it had made a non-binding indicative offer for the steel activities of German industrial giant Thyssenkrupp. Liberty said in a statement that it “is open to intensify the dialogue with Thyssenkrupp and would like to engage in further due diligence to present a potential binding offer”. It comes with the European steel sector weighed down heavily by oversupply, fierce Chinese competition and the economic fallout from the coronavirus pandemic.