Executive Chairman of Liberty House commodity group, Sanjeev Gupta, has said he is not "married" to buying Tata's struggling steel business and could still walk away.
Liberty House is currently the only company to publicly express an interest in buying Tata's struggling plants - which could save 270 jobs.
But in an interview with The Sunday Telegraph the steel magnate said that the company would not take on any plants that meant it would sustain losses as it was "not our business model".
Mr Gupta said that changes, including switching from blast furnaces to electrically powered furnaces that melt scrap steel in Port Talbot, could produce "a very clear opportunity to turn things around, make money and create a sustainable business".
He added that he had not yet engaged with Tata and while he did not anticipate job losses, he knew taking on the plants would not be easy and was "not expecting it to cost a lot".