UK Picks Bidder for Sanjeev Gupta’s Former Steel Business

The UK government has picked a preferred bidder for a steel business in the north of the country that it took over from beleaguered industrialist Sanjeev Gupta last year.

The UK’s Insolvency Service will enter exclusive talks with the unnamed bidder over the potential sale of Speciality Steel, in a process that will likely last about five weeks, it said on Wednesday. The preferred bidder is understood to be Blastr, a Norway-based start-up focused on low-carbon steel production, the Guardian reported, without identifying the source of the information.