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  1. ITV Report

Preferred bidder for British Steel announced

A buyer may have been found for British Steel. Credit: PA Images

The Official Receiver has announced that he has entered exclusive sales talks with the investment division of Turkey's armed forces pension fund as the preferred buyer for British Steel.

The Government's officials in charge of the process added that they had received several bids, calling the offer from Ataer Holdings - which already has a 50 per cent stake in Turkey's largest steel producer Erdemir, "acceptable".

British Steel was wound up in the High Court in May and special managers were appointed.

The company was on the verge of collapse.

Rescue talks between the Government and the company's owner Greybull broke down, putting at risk 4,500 jobs including 700 at Teesside plants in Lackenby and Skinningrove.

Responding to the news that Ataer Holding will enter exclusive talks on the purchase of British Steel today,

Anna Turley, Labour and Co-operative MP for Redcar, who is also Secretary of the All Party Parliamentary Group on Steel, said it is great news for workers: