Collapsed Black Country steel firm Aartee Bright Bar is set to be merged with Liberty Steel Group after steel tycoon Sanjeev Gupta stepped in to take over the business.
GFG Alliance, owned by Mr Gupta and his family, has bought Aartee Bright Bar's owner Aartee Group Pte and filed an application to challenge the administration.
The rescue deal comes after Aartee Bright Bar, said to be the UK's largest distributor of engineering steel products and a key customer of Mr Gupta's Liberty Steel, called in administrators Alvarez & Marsal earlier this month. The Willenhall-based business blamed tough economic conditions and surging metal costs for the downfall.
