Earlier in March 2016, Tata Steel had announced it would explore strategic alternatives for its UK business, including the potential sale of the business as a whole or in parts. The company and its advisers then contacted around 200 potential financial and industrial investors around the world to explore their interest in the business.  In the next stage, the seven companies, which showed interest,  were given access to extensive business information and management team presentations in order for them to progress their interest and submit refined bids.

Bidders were engaged in detailed discussions with the Tata Steel Europe management. The bids received have been carefully considered in detail on the basis of their commercial value and prospects for the future sustainability of the UK business for a range of stakeholders. The bids have also been reviewed in the light of the uncertainties caused by the UK referendum and the outcome of the UK Government's consultation on the British Steel Pension Scheme.

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