There's a another potential lifeline for 2,000 South Yorkshire steel jobs, with senior staff at Tata Steel's Port Talbot site expected to announce plans for a management buyout.
It's being reported employees could be asked to invest as much as £10,000 towards the deal, to take control of the Indian company's UK plants - including its sites in Rotherham and Stocksbridge. It's the third potential takeover deal, after previous interest from investment company Greybull Capital and commodity trader Liberty House.
Responding to the reports, a spokesperson for Community, the steelworkers’ union, said it welcomed interest from all credible potential new owners.
We are aware of reports that a management buyout is under consideration and would expect discussions with anyone considering leading such an initiative.
Tata Steel Europe welcomes credible expressions of interest for Tata Steel’s UK operations. It is our policy that we are not naming, confirming or commenting on any potentially interested investor or bidder at this point. All expressions of interest, including any Management Buy Out proposals, will be considered when received. In the interests of all stakeholders every credible expressions of interest will enter the same rigorous assessment process to ensure the best value and prospects of sustainability.
This interest from potential buyers and there are a number of them, is welcome. These are people who see a profitable future in UK steel making and it doesn't surprise me there's interest in South Yorkshire steel making because we make some of the best, most specialised in the world.
With the latest from Rotherham, here's David Hirst.