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This is sad and frustrating news for the UK steel industry because the sector needs a fresh start and we fear this decision will simply deliver more uncertainty over a longer period.

From our own point of view it’s disappointing that, in the short term, we will not be able to apply our GREENSTEEL strategy on the scale which would have truly evolved and transformed Britain’s steel and engineering sector.

We will continue to pursue our GREENSTEEL vision to deliver an integrated value- added steel business that is both financially strong and built from renewable sources of energy and steel. In the short term we will continue discussions with Tata about the acquisition of a number of important assets that fit well with our strategy.

We would like to thank those who have supported us internally and externally in this long and demanding process and look forward to working with many of them in taking our business forward.