Tata Steel kicked off the formal process of selling its loss-making UK plants today.
So far Liberty House, which is owned by steel tycoon Sanjeev Gupta, is the only company to publicly express interest.
Other potential bidders include turnaround specialist Greybull Capital and German steelmaker ThyssenKrupp.
Failure to secure a sale could lead to tens of thousands of job losses across the UK.
Greybull Capital is widely expected to buy Tata's Scunthorpe plant today, following several months of talks.
Tata's UK business is thought to be losing nearly £1m per day, however the MP whose constituency houses its Port Talbot plant recently said the figure is half that.
Gupta's Liberty House came under fire last week amid concerns it couldn't afford to buy Tata's UK business.
Gupta told the Sunday Telegraph that he felt there was "a very clear opportunity to turn things around, make money and create a sustainable business".
But he added: "I feel passionately about this and would like to do it, but I am not married to it."
"It is too big a deal for us to get wrong. It could put the whole company at risk."