Tata Steel begins formal sale process for UK plants

The formal sale process for Tata Steel's UK operations has begun today - with the sale of the firm's Scunthorpe plant expected to be completed later.

Efforts continue to find a buyer for the firm's other UK plants.

Negotiations between the Indian conglomerate and investment firm Greybull Capital over the Scunthorpe plant started nine months ago.

If the deal is reached as expected, thousands of jobs could be saved at the plant and at supplier firms.

Neither side however would confirm whether the deal was close to being finalised.

Meanwhile the business secretary Sajid Javid is to address MPs later on his efforts to find a buyer for Tata's loss-making UK business.

He flew to India last week to meet company executives and ask for enough time to find a buyer.

Liberty is the only company expressing a public interest in buying the assets, including the country's biggest steel plant at Port Talbot in south Wales.