Tata Steel UK bosses 'developing secret turnaround plan'

Executives in charge of Tata Steel's UK operations have reportedly been developing a secret turnaround plan.

The bosses are looking for as much as £400m from a new investors to rescue Tata's Scunthorpe refinery as well as several other mills.

According to the Sunday Telegraph, the plan anticipates reversing the company's fortunes within 24 months to deliver £100m profit.

The company on Monday received three formal bids from turnaround funds Greybull and Endless, as well as from an unnamed US firm.

Prospective investors have been informed that the majority of the 5,000 jobs currently set to go could be saved.

Sources close to the plans told the newspaper that they believe Tata's long products operations have a credible future.