One of the companies intent on snapping up the British assets of Tata Steel said that layoffs weren't on the cards.
Liberty House's CEO Sanjeev Gupta told CNBC on Friday that he's committed to sustaining all current jobs if the bid for Tata Steel UK is successful and will concentrate on re-training existing steel workers.
The company's turnaround plan is fundamentally focused around changing Tata Steel UK from a producer of primary steel to a recycler of domestic steel scrap, Gupta told CNBC's "Capital Connection."
"The number of workers are the same [under our blueprint] so no change is expected in the total number of people."
Earlier this week, Liberty House—an international metals business—formally submitted a letter of intent to buy out Tata Steel UK, an arm of Tata Steel, which is a subsidiary of Indian conglomerate Tata Group. A team made up of Tata Steel UK executives named Excalibur is also one of the interested bidders, Reuters reported.