Tata Steel says seven bidders taken to next stage of sale process

Tata Steel Europe is another step closer to selling its British operations after seven expressions of interest were taken forward to the next stage.

The group said it was also clarifying outstanding points with a number of other interested parties.

"We believe that the bids being taken forward offer future prospects of sustainability for the UK business as a whole," Koushik Chatterjee, a group executive director at Tata Steel Limited, said in a statement.

The decision to sell Tata Steel UK comes amid a global supply glut in the industry which has hurt steel prices. More than 40,000 jobs are at risk.

The government has said it would buy 25% of the UK business alongside a buyer and provide millions of pounds to help the struggling business.