Liberty House has confirmed it will put in a formal bid to buy Tata Steel's UK assets.
The commodities trading firm was the first to express an interest after the Indian conglomerate announced the decision to dispose of its loss making UK business, including the country's biggest steel plant at Port Talbot in south Wales.
A spokesman said Liberty said: "We can confirm that Liberty will submit a letter of intent to Tata Steel today and has put in place a strong internal transaction steering committee and panel of leading external advisers to take the bid forward."
A further statement is expected later today.
A management buyout team is also planning to submit a bid under the name Excalibur Steel UK Limited.
The Government has pledged to support any buyer of the business by buying up to a quarter stake and making hundreds of millions of pounds of finance available.
Work is starting on the £2.7m transformation of Scarborough Market Hall.
Contractors are starting preparatory work on the St Helen’s Square building ready for a complete revamp of the market.
The market will remain open with current stalls available throughout the work, which is expected to be completed by December.
The historic building will get a new mezzanine upper floor, creating space for new shops, offices and a café.
This is a fantastic step forward for the Scarborough Market Hall redevelopment and it is wonderful to see contractors on site and beginning the process of creating a much-improved market for Scarborough.
In the meantime the market will remain open and traders look forward to welcoming customers old and new.
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After weeks of uncertainty there have been major developments today over the future of Tata Steel. The Government says it's preparing a financial package worth hundreds of millions of pounds for any potential buyers.
Steel expert Roger Maggs, who is heading the consortium, welcomed the intervention.
But Phillip Booth, Editorial and Programme Director at the Institute of Economic Affairs, thinks the Government shouldn't be using tax payers' money in this way.
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Workers have voted to accept a temporary 3% pay cut and changes to terms and conditions as part of the deal to sell Tata Steel's Long Products business to Greybull Capital.
Members of Community, the GMB and Unite backed the changes, aimed at paving the way for the deal, which includes the huge steel plant at Scunthorpe.
Community officer Steve McCool said it was an "extremely difficult" decision, but the vote was a "major step forward" towards securing the future of the business.
The sale to Greybull is a rare piece of positive news for the industry, which is in crisis because of cheap Chinese imports and other issues such as energy costs.
Tata is looking for buyers for the rest of its UK business, including the Port Talbot works in South Wales, with thousands of jobs hanging in the balance.
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An investment company is considering a takeover of South Yorkshire's steel works.
Greybull Capital is already close to a deal with Tata Steel over the possible takeover of its Long Products business in Scunthorpe.
Now it has been reported that the firm is interested in doing a deal that would safeguard the Speciality Steel branch of the business - which produces high-end steel for aircraft, oil drilling and cars from two sites in Rotherham and Stocksbridge.
The news comes as steelworkers in Scunthorpe ballot over the conditions of a possible takeover.