Tata Steel said to be closing in on deal to sell Scunthorpe steel plant

The agreement, which is also expected to include a number of other sites, would save thousands of UK jobs.

The Telegraph said it was understood that formal bids had been received by three different funds and that a deal could be signed as soon as early next week.

British turnaround investors Greybull and Endless are both said to be among the three bidders, while the third is an unknown US private equity firm.

Tata is reportedly only looking to offload its long-products division, despite receiving interest for other parts of the business.

It comes just hours after other reports that all jobs at the company's Aldwarke plant in Rotherham would be cut.

Local MP John Healey told the Times that he had had the job losses confirmed, although this has not been announced by Tata.