Seven Tata Steel bids are moved forward

These bids involve taking over the whole British operation, at which 11,000 jobs were put at risk, including in Rotherham, when Tata announced plans to withdraw in March.

The firm is also clarifying outstanding points with a number of other parties who have submitted an expression of interest.

Koushik Chatterjee, Tata Steel group executive director (finance and corporate), said: “We have been pleased with the response to the initial stage of the global sales process for Tata Steel’s UK business.

“Today’s announcement by Tata Steel Europe marks another important stage gate in this process. 

“The expressions of interest received have been through a robust initial assessment process with inputs received from the UK Government whose views have been considered by the board. 

“We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole."

He added: "The sales process will continue as announced earlier in an expedited and robust manner to deliver greater clarity for all key stakeholders such as employees, customers and suppliers.

“Whilst the sales process continues, Tata Steel’s business in the UK under the new leadership team continues to focus on the business performance.”

In the next phase of the sales process, the progressing interested parties will be given access to further business information and management team presentations.