The sale of Tata Steel's Scunthorpe plant to an investment company has been completed overnight.
Greybull Capital now owns Tata Steel's Scunthorpe plant and its Long Products Europe business - which includes a design consultancy in York.
After weeks of uncertainty there have been major developments today over the future of Tata Steel. The Government says it's preparing a financial package worth hundreds of millions of pounds for any potential buyers.
Steel expert Roger Maggs, who is heading the consortium, welcomed the intervention.
But Phillip Booth, Editorial and Programme Director at the Institute of Economic Affairs, thinks the Government shouldn't be using tax payers' money in this way.
Unions welcome the sale of Scunthorpe steelworks to an investment firm as a 'massive vote of confidence' in the town.
There's a another possible lifeline for 2,000 South Yorkshire steel jobs with a potential Tata management buyout
The Commons debate, which is scheduled to last up to three hours, has been given an emergency slot amid growing fears for the industry.