Sanzheev Gupta is still interested in buying British Steel

According to British media reports, Sanjeev Gupta is willing to buy British Steel if no deal with the Chinese firm Jingye Group is reached. Gupta is still interested in acquiring the company, but he is concerned that the rescue plan may come too late if Jingye Group postpones its offer, the source said.

Sources close to Gupta said the proposal would replace one of two British Steel blast furnaces at the Scunthorpe site with an electric arc furnace.

Jingye Group announced its intentions to acquire the British steel company earlier last month, but the regulator will have to approve the deal first. A Jingye spokesman confirmed that many procedures are still pending.

In addition, there will be complications due to British Steel's French subsidiary in Hayang. The French Minister of Economy and Finance said they are going to ensure that France's sovereign interests are protected and Hayange's value as a supplier to the French rail operator SNCF.