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MPs set for emergency steel crisis debate in Commons

MPs are set to hold an emergency debate to discuss the current steel industry crisis facing the UK as the future of British steel continues to 'hang in the balance'.

It comes as the Government said on Monday it could look at the possibility of co-investing with a steel buyer "on commercial terms" to help secure a sale.

Business Secretary Sajid Javid said the "Government stands ready to help" as he addressed the Commons on the issue after Tata Steel announced a deal with Greybull Capital to buy its Scunthorpe plant and save 4,400 UK jobs but no deal was yet secured for other UK plants.

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Potential Tata Steel buyer moving ahead with bid plans

Sanjeev Gupta is seen as the frontrunner to buy out Tata Steel's UK plants Credit: PA

A steel tycoon seen as the frontrunner in any deal to buy out the stricken Tata Steel operations has said he will start a full evaluation of the business within a week as he moves ahead with plans to put in a bid.

Sanjeev Gupta, the head of Liberty House Group, said he was confident that he could turn around the loss-making business without government help, in an interview with Reuters.

However, he has said the UK government must act to ensure that power prices remained competitive.

Mr Gupta has previously also expressed hopes that he can take over the entire UK business without any job losses, potentially throwing a lifeline to around 15,000 workers employed by the group.

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