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.
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".
I feel passionately about this and would like to do it, but I am not married to it.
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".