Last-minute rescue offer for British Steel submitted

PA understands the unnamed industrial group has submitted a late bid to the Government in an effort re-establish the international trade credentials of the site.

A spokesperson for the group said the offer was now under consideration by the Government's appointed receiver Ernst & Young (EY) and Business Secretary Andrea Leadsom.

The group is working on a long-term massive infrastructure project in West Africa and would export steel from Scunthorpe to the project, were it to successfully acquire the site, PA understands.

British Steel would be used to fully deliver the project and associated works, which is estimated to be delivered over the next 10 years.

The news comes after Humber LEP chairman Lord Haskins blamed Brexit for the collapse of the companyThe consortium has been considering other operations around Europe to facilitate the quality and quantity of steel required, but "believe this is by far the best fit", according to sources close to the offer.

However, it has been reported that a Turkish military pension fund is currently in pole position to save the steelworks and provide security for its 4,000 workers.

The Financial Times revealed on Wednesday that Ataer Holding, which is also the largest shareholder in steel group Erdemir, is negotiating with the Government over a rescue deal.

A rival offer is also reportedly on the table from Liberty House, a UK industrial conglomerate led by metals magnate Sanjeev Gupta.