Port Talbot management launch takeover bid

A senior manager at Port Talbot steelworks says his plan to stage a management buyout of the loss-making plant from Tata Steel could offer "sustainable future success".

Stuart Wilkie, the Managing Director of Tata's strip products, issued this statement:

Labour MP Stephen Kinnock says the proposed buyout of Port Talbot steelworks has "real potential", but needs the backing of investors and the government.

David Cameron has said the Government is committed to supporting Tata steel during the sale process.

Speaking at Prime Minister's Questions, he said: "Right now we are talking with the board of Tata to make sure that all the questions they need answered are answered by us because we want to have a proper sales process with proper buyers coming forward."

"We want to be very clear that the Government is prepared to support that process and support the outcome and that's exactly what we will do," he added.

Joel Hills: Some notes of caution on the propsed Port Talbot buyout

Tata Steel say they will not publicly name or confirm any potential bidders for the firm's UK assets.

ITV News correspondent Rupert Evelyn tweeted:

Plaid Cymru leader Leanne Wood has welcomed reports that a senior manager at Port Talbot steelworks is planning a management buyout of the plant.

She says the development "represents the best hope of safeguarding the future of the Welsh steel industry", and has urged the government, unions and the public to support the bid.

Welsh Labour MP Stephen Kinnock says a proposed management buyout of the Port Talbot steelworks is the "right way to go".

It is believed Stuart Wilkie, Managing Director of Tata Strip Products UK, is heading up a buying team alongside other staff members.