Metals group Liberty House sparked new hope for Britain's endangered steel industry on Tuesday by announcing the first firm bid for Tata Steel UK, potentially saving thousands of jobs.
India's Tata Group announced plans to sell its entire UK steel operation in March, leaving the government battling to save an industry that has been hurt by cheap Chinese imports, soaring costs and weak demand.
Keen to avoid the loss of 10,000 jobs, the government has offered hundreds of millions of pounds in support to potential buyers and said it could take a 25 percent stake in the firm.
Liberty's Executive Chairman Sanjeev Gupta was the first businessman to express an interest in Tata's loss-making assets which include the Port Talbot steel plant in Wales, and on Tuesday the firm said it would submit a bid.
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