Liberty House is today (Tuesday) expected to lodge an official bid for Tata Steel's assets in the UK, including the 4,000 worker plant at Port Talbot.
The commodity firm's boss, Sanjeev Gupta, was the first part to publicly declare interest in buying the business.
"The formal process is to submit a letter of intent; it amounts to a bid. It will be done on Tuesday," a Liberty House spokesperson told the BBC.
Tata Steel has not placed a deadline on the sale of its plants, but has stressed that it cannot 'bleed indefinitely'. The Port Talbot plant alone is estimated to be losing around £1 million a day.
The government has pledged to take a 25% stake worth hundreds of millions of pounds in any takeover in an attempt to ensure a buyer is found and jobs are safeguarded.
Liberty House is not the only party planning to submit a formal bid. Excalibur Steel Ltd - a group of senior managers from Port Talbot - is planning a management buyout, led by Port Talbot boss Stuart Wilkie.