Two consortiums featuring UK interests remain in contention to take on British Steel, according to sources close to the deal in Scunthorpe.
Turkish firm Ataer Holding has been grabbing headlines but it is understood it remains a three-way race for preferred bidder status, with a decision thought unlikely before the end of the month.
It had been suggesting the clock was ticking down on the process, with pressure from lenders to seal a deal.
One group features industrialists with a background in the UK steel industry, and a second is a consortium of UK and West African backin g, with construction a strong theme.
Both are said to be interested in the entire business, while a second wave waits to see if British Steel would be split up.
That is understood to include Greybull and Liberty Steel, potentially for the French and Dutch arms – though the former may pose an issue with rail a key route to Europe for products, particularly rail itself, where much is finished in Hayange.
The world’s largest steel producer, ArcelorMittal, also appears interested in elements, and is understood to be willing to work with other partners should the business be broken up. Network Rail is also in with an 'insurance bid' to protect supply into UK transport infrastructure.
Representatives of ArcelorMittal are rumoured to have been based in northern Lincolnshire in recent weeks.
A constant since the May plunge into compulsory liquidation and the appointment of the Official Receiver has been the desire to keep British Steel as one entity.
There are plants in the North East, at Skinningrove and Lackenby, as well as distribution sites across the UK and Europe.
Ataer, the pension investment arm of the Turkish military, already has Erdemir, the steel manufacturer, and is widely reported to crave capacity to meet demand.
The bid from the nation at the border of Europe and Asia is reportedly worth between £60 million and £70 million, with suggestions a wide-ranging support package of up to £300 million has been agreed in Whitehall.
One source who has spoken with the UK consortium with experience of “UK steel as a sector” understands it has met with management and unions, and may look to retain the likes of chief executive Gerald Reichmann and his team at the helm of the business, should it be successful. Proof of funding for both a buy-out and future investment has also been established, they said.
