Two formal bids, including one by a team of former Tata Steel staff who have the backing of the Welsh government, have emerged to acquire Tata Steel's loss-making UK assets.While one was confirmed on Tuesday by Indian-origin businessman Sanjeev Gupta's Liberty House group, the second is by a team of former Tata Steel staff.

Excalibur Steel UK Limited, the management buyout (MBO) team backed by Welsh technology billionaire Sir Terry Matthews, confirmed it has also submitted its letter of intent.MBO) team backed by Welsh technology billionaire Sir Terry Matthews, confirmed it has also submitted its letter of intent.