Liberty Steel is poised to snap up Tata's UK steelworks at Port Talbot in Wales, it has been revealed.

Tata's Port Talbot steelworks has been looking for emergency government funding over the last few months. It recently revealed it was reviewing all options to ensure the UK business was self-sustaining in the future.

Tata Steel UK made a pre-tax loss of ￡654m ($869m) for the previous financial year. Back in 2016 Liberty Steel submitted a previous bid for the Port Talbot site after Tata put it up for sale. However, it later backtracked and decided to hold onto the plant.

Sources close to Liberty Steel told that in the event that no funding was forthcoming, Gupta's firm, which has an appetite for struggling metals businesses, would be a willing buyer.