Possible buyer in jobs pledge as UK steel faces 'crucial' days

An Indian tycoon who could step in to buy some of Tata Steel's assets in Britain today said he hoped to avoid mass redundancies if the deal went through as the government scrambled to find a new owner.
Liberty House boss Sanjeev Gupta, who was arriving in Britain late today for talks, told the BBC that he had held "very encouraging" talks with the government.
He added that he would want to change the kind of furnaces at the main asset, the Port Talbot steel works in south Wales, and retrain some 700 workers.
"I won't undertake something which will require mass redundancies," Gupta said.

"We will look to see how we can reposition the workforce from blast furnaces to arc furnaces.
"It will require a lot of planning and execution and it cannot be done overnight but be planned over a number of years."

Prime Minister David Cameron's government has been racing to find a buyer for the Tata Steel assets and save 15,000 jobs amid growing pressure from the opposition, trade unions and the press to safeguard the iconic British steel industry which dates back to the 19th century.
The Indian group announced last week it would sell off its British assets due to a global oversupply of steel, cheap imports into Europe from countries including China, high costs and currency volatility.

Frances O'Grady, general secretary of the Trades Union Congress, said: "The next few days will be crucial for UK steel. Ministers need to show British steelworkers that they are on their side."
Trade unions are set to present an emergency plan to save jobs at the Tata Steel plants to ministers on Tuesday.
Business Secretary Sajid Javid said yesterday he was working on a plan for the government to take on some pension liabilities and reduce energy costs in a bid to make a deal more attractive to a potential buyer.
Javid wrote on Twitter this evening: "Just held productive meeting with senior Tata executives to discuss UK steel sales process. Progress is being made."

Investment firm Greybull Capital is reportedly in the running to buy another of the Tata assets, the steel works at Scunthorpe in eastern England.