In a statement, the U.K. Insolvency Service said British Steel Ltd. will continue to operate while an official receiver determines the next steps.

“The company in liquidation is continuing to trade and supply its customers while I consider options for the business,” the receiver said.

“Staff have been paid and will continue to be employed. The court also appointed Special Managers to assist me with my work and they are engaging with staff and their representatives to keep them informed, as well as contacting British Steel’s customers.”

With the company now in liquidation, the race is on to establish a rescue plan. And one might come from Sanjeev Gupta's Liberty House, the Reuters news service reported Thursday. Citing unnamed sources, Reuters said Liberty House is potential bidder for the business.  

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