Leading City financier Edi Truell has confirmed he will make a bid for Tata Steel's UK assets within the next 48 hours.
He told Sky News that, contrary to popular belief, Brexit would benefit the UK steel industry. This is partly due to its improved ability to compete with subsidised German and French industries.
Earlier today, Truell told City A.M.: "Brexit has made the business a lot more attractive to potential buyers… that has certainly enhanced my thinking."
He's in talks with Tata Steel, the Treasury and the Pensions Regulator who are "listening very carefully" to the proposal, as was first reported by the Times.
It comes amid reports that Britain's decision to leave the European Union has dampened bidders' interest in Tata's UK operations. Nevertheless, Indian conglomerate Liberty House is understood to still be keen.
Truell's plan would see him carve off Tata UK's burdensome pension fund. Risk insurance and hedges in the reinsurance market would be used to offset longevity among members and future rates of inflation.
Truell believes that this option, which would retain full benefits for the scheme's members, is a better alternative to proposed legislation to save the British Steel Pension Fund, that he warns would set a dangerous precedent.
The business' operations — including Port Talbot and Llanwern, steelworks in Rotherham and Sheffield and the Corby steel plant — would then be sold to interested buyers in packages or all together.