Mr Gupta, executive chairman of commodity group Liberty House, quickly came forward as a potential white knight, with a plan to return it to profit in months. His aim is to replace the Port Talbot blast furnaces – which make steel from raw materials – with electric arc furnaces that melt scrap, a process he says will be more efficient.
And there’s more of course. He won’t take on the environmental nor pension liabilities. Wants a break on energy prices. And it’s not obvious that he’s willing to pay for the arc furnaces, seems to be angling for the government to provide that cash.
But that basic contention, that it’s all about the blast furnaces, does seem to be true, doesn’t it?