The metals tycoon Sanjeev Gupta is this weekend plotting a controversial deal to salvage his remaining UK steel operations and avert their collapse into compulsory liquidation – a move that would put close to 1,500 jobs at risk.

Sky News has learnt that Mr Gupta is in talks about a so-called connected pre-pack administration of Liberty Steel’s Speciality Steel UK (SSUK) arm, which would involve the assets being sold – potentially to parties linked to him – after shedding hundreds of millions of pounds of tax and other liabilities to creditors.

Begbies Traynor, the accountancy firm, is understood to be working on efforts to progress the pre-pack deal.

This weekend, Whitehall sources said that government officials had stepped up planning for the collapse of SSUK if an already-deferred winding-up petition scheduled to be heard next Wednesday is approved.

If that were to happen, SSUK would be likely to enter compulsory liquidation within days, with a special manager appointed by the Official Receiver to run the operations.

Mr Gupta’s UK business operates steel plants at Sheffield and Rotherham in South Yorkshire, with a combined workforce of more than 1,400 people.

SSUK is Britain’s third-largest steel producer.

Sources close to Mr Gupta could yet secure a further adjournment of the winding-up petition to buy him additional breathing space from creditors.

In May, a hearing was adjourned after lawyers acting for SSUK said talks had been taking place with “a third-party purchaser”.

Their identity has not been publicly disclosed, and it has been unclear in recent weeks if any such discussions were continuing.

A connected pre-pack risks stiff opposition from Liberty Steel’s creditors, which include HM Revenue and Customs.

UBS, the investment bank which rescued Credit Suisse, a major backer of the collapsed finance firm Greensill Capital – which itself had a multibillion dollar exposure to Liberty Steel’s parent, GFG Alliance – is also a creditor of the company.

Grant Thornton, the accountancy firm handling Greensill’s administration, is also watching the legal proceedings with interest.

The Serious Fraud Office launched a probe into GFG – which stands for Gupta Family Group – in 2022.

On Saturday, a Liberty Steel spokesperson said: “Discussions are ongoing to finalise options for SSUK.

“We remain committed to identifying a solution that preserves electric arc furnace steelmaking in the UK-a critical national capability supporting strategic supply chains.

“We continue to work towards an outcome that best serves the interests of creditors, employees, and the broader community.”

Last month, The Guardian reported that Jonathan Reynolds, the business secretary, was monitoring events at Liberty Steel’s SSUK arm, and had not ruled out stepping in to provide support to the company.

Such a move is still thought to be an option, although it is not said to be imminent.

The Department for Business and Trade has been contacted for comment.

It has previously said: “We continue to closely monitor developments around Liberty Steel, including any public hearings, which are a matter for the company.

“It is for Liberty to manage commercial decisions on the future of its companies, and we hope it succeeds with its plans to continue on a sustainable basis.”

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Wednesday’s winding-up petition was filed by Harsco Metals Group, a supplier of materials and labour to SSUK, and is said to be supported by other trade creditors.

Mr Reynolds has already orchestrated the rescue of British Steel, the Scunthorpe-based steelmaker, after failing to reach a government aid deal with Jingye Group, the company’s Chinese owner.

Jingye had been preparing to permanently close Scunthorpe’s remaining blast furnaces, prompting Mr Reynolds to step in and seize control of the company in April.

The government has yet to make a decision to formally nationalise British Steel, although that is anticipated in the autumn.

Tata Steel, the owner of Britain’s biggest steelworks at Port Talbot, has agreed a £500m government grant to build an electric arc furnace capable of manufacturing greener steel.

Other parts of Mr Gupta’s empire have been showing signs of financial stress for years.

The Financial Times reported in May that he was preparing to call in administrators to oversee the insolvency of Liberty Commodities.

Separately, HMRC filed a winding-up petition against Liberty Pipes, another subsidiary, earlier this month, The Guardian reported.

Mr Gupta is said to have explored whether he could persuade the government to step in and support SSUK using the legislation enacted to take control of British Steel’s operations.

Whitehall insiders told Sky News in May that Mr Gupta’s overtures had been rebuffed.

He had previously sought government aid during the pandemic but that plea was also rejected by ministers.

SSUK, which also operates from a site in Bolton, Lancashire, makes highly engineered steel products for use in sectors such as aerospace, automotive and oil and gas.

The company said earlier this year that it had invested nearly £200m in the last five years into the UK steel industry, but had faced “significant challenges due to soaring energy costs and an over-reliance on cheap imports, negatively impacting the performance of all UK steel companies”.

No deal has been reached to end the war in Ukraine – but Donald Trump has said there are “many points” he and Vladimir Putin agreed on during their highly anticipated summit.

Following the meeting in Alaska, which lasted more than two-and-a-half hours, the two leaders gave a short media conference giving little detail about what had been discussed, and without taking questions.

Mr Trump described the meeting as “very productive” and said there were “many points that we agreed on… I would say a couple of big ones”.

Trump-Putin summit – latest updates

But there are a few left, he added. “Some are not that significant. One is probably the most significant, but we have a very good chance of getting there…

“We haven’t quite got there, we’ve made some headway. There’s no deal until there’s a deal.”

Mr Putin described the negotiations as “thorough and constructive” and said Russia was “seriously interested in putting an end” to the war in Ukraine. He also warned Europe not to “torpedo nascent progress”.

After much build-up to the summit – with the US president threatening “severe” consequences for Russia should it not go well – it was ultimately not clear whether the talks had produced meaningful steps towards a ceasefire in what has been the deadliest conflict in Europe in 80 years.

Mr Trump said he intended to speak with Ukrainian President Volodymyr Zelenskyy and other European leaders, who were excluded from the discussions, to brief them.

Despite not reaching any major breakthrough, the US leader ended his remarks with a thank you, and said he would probably see Mr Putin again “very soon”.

When the Russian president suggested that “next time” would be Moscow, he responded by saying he might face criticism, but “I could see it possibly happening”.

The red carpet treatment

The news conference came after a grand arrival at the Elmendorf-Richardson military base in Anchorage, where the US president stepped down from Air Force One and later greeted his Russian counterpart with a handshake and smiles on a red carpet.

Mr Putin even travelled alongside Mr Trump in the presidential limousine, nicknamed “The Beast”.

It was the kind of reception typically reserved for close US allies, belying the bloodshed and the suffering in the war.

Before the talks, the two presidents ignored frantically-shouted questions from journalists – and Mr Putin appeared to frown when asked by one reporter if he would stop “killing civilians” in Ukraine, putting his hand to his ear as though to indicate he could not hear.

Our US correspondent Martha Kelner, on the ground in Alaska, said he was shouting “let’s go” – apparently in reference to getting the reporters out of the room.

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A ’10/10′ meeting

During his first day back in the White House in January, Mr Trump had pledged confidently to bring about an end to the war in Ukraine.

But seven months later, after infamously berating Mr Zelenskyy during a meeting at the Oval Office in February, and then stanching the flow of some US military assistance to Kyiv, he still does not appear to have brought a pause to the conflict.

In an interview with Fox News before leaving Alaska, Mr Trump described the meeting with Mr Putin as “warm” and gave it a “10/10”, but declined to give details about what they discussed.

He also insisted that the onus going forward could be on Mr Zelenskyy “to get it done”, but said there would also be some involvement from European nations.

What happens next?

Mr Trump is expected to speak to Mr Zelenskyy, Sir Keir Starmer and European leaders about the talks.

A meeting of ambassadors from European countries has been scheduled for 8.30am UK time, EU presidency sources have told Sky News.

European heads of state and Mr Trump are also likely to have a virtual meeting later in the day.

Despite the US president’s efforts to bring about a ceasefire, Russian attacks on Ukraine have only intensified in the past few months.

On 9 July, Russia carried out its largest aerial attack on Ukraine since the start of the war, launching more than 740 drones and missiles.

Furthermore, Mr Zelenskyy has said Russia is preparing for new offensives.

Ahead of the summit, one of the key commanders of Ukraine’s drone forces told Sky News in a rare interview that there would be no let-up in its own long-range drone attacks on Russia until Moscow agrees to peace.

A warm handshake, big smiles, and a red carpet – this was the welcome for Vladimir Putin as he touched down on US soil for critical negotiations on the war in Ukraine.

There had been much build-up to the summit in Anchorage, Alaska, not least from Donald Trump himself – with the US president having threatened “severe” consequences for Russia should it not go well.

But more than two-and-a-half hours of talks resulted in just a brief news conference with little detail given away – and ultimately, no talk of a ceasefire and no deal on Ukraine reached yet.

Here is what was expected from the meeting – based on information from the White House, Mr Trump and the Kremlin beforehand – and what happened on the night.

One-on-one turned into three-on-three

It was thought this would be a one-on-one meeting between Mr Trump and Mr Putin.

Instead, the US president was joined by US secretary of state Marco Rubio and special envoy Steve Witkoff, while the Russian leader was supported by his foreign affairs advisor Yuri Ushakov and Russian foreign minister Sergei Lavrov.

The change seemed to indicate the White House was perhaps taking a more guarded approach than during a 2018 meeting in Helsinki, where Mr Trump and Mr Putin met privately with interpreters. The US leader then shocked the world by siding with the Russian leader over US intelligence officials on whether Russia meddled in the 2016 presidential campaign.

Rolling out the red carpet

Mr Putin was given the kind of reception typically reserved for close US allies, belying the bloodshed and the suffering in the war he started.

The two men greeted each other with a handshake and a smiling Mr Trump even applauded the Russian president as he approached him on the red carpet.

Our international affairs editor Dominic Waghorn, in Kyiv, gauged the Ukrainian reaction to the arrival – and said people were furious at the welcome extended by the Trump team.

Images of US soldiers on their knees, unfurling the red carpet at the steps of the Russian leader’s plane, went viral, he said, with social media “lit up with fury, anger, and disgust”.

He added: “There are different ways of welcoming a world leader to this type of event, and Trump has gone all out to give a huge welcome to Putin, which is sticking in the craw of Ukrainians.”

Any questions?

Plenty. But no one was really given a chance to ask.

Ahead of the talks, cameras were allowed inside for just a minute – and while this was enough time for a few journalists to shout some questions, these were ignored by the two leaders.

“President Putin, will you stop killing civilians?” one shouted. In response, Mr Putin put his hand up to his ear as if he could not hear.

In their brief media conference after the talks, Mr Putin spoke for almost nine minutes, while Trump took just three-and-a-half to say what he wanted to say.

The two men then did not stay to answer questions from reporters.

Before the event, the Kremlin said it could last between six and seven hours, but the whole visit lasted about four-and-a-half hours.

‘Severe consequences’

Ever since his inauguration in January, Mr Trump had been threatening serious consequences for Russia should a deal on Ukraine not be reached soon. Just two days after the ceremony, he took to social media to declare there could be “high levels of taxes, tariffs and sanctions” and called for an end to the “ridiculous” war.

In February, he held what he described as a “productive” call with the Russian leader, and about two weeks later he infamously berated Ukrainian President Volodymyr Zelenskyy during a visit to the Oval Office – this one taking place in front of the world’s media.

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In July, he started to set deadlines for an end to the war – first giving Mr Putin 50 days and later reducing this to “10 or 12 days”, before announcing the summit last week.

Yesterday, Mr Trump insisted his Russian counterpart was “not going to mess around with me”.

However, while both men insisted the talks were “productive”, it is not clear what agreements have been reached, and whether Ukraine is any closer to finding peace. The word ceasefire was not mentioned by either leader. Instead, they praised each other, with Mr Trump describing Mr Putin’s remarks as “very profound” – and there was no mention of sanctions.

A meeting with Mr Zelenskyy?

It was expected that after the talks, Mr Trump could set the table for the next meeting with the Ukrainian president.

While he said he would call Mr Zelenskyy, he made no public commitment to a meeting during the media conference.

In an interview with Fox News after the summit, he said Russia and Ukraine would set a date to discuss next steps and a potential ceasefire deal, but did not provide further details on specifics or timings.

“They’re going to set up a meeting now, between President Zelenskyy and President Putin and myself, I guess,” Mr Trump said. He also said that European nations “have to get involved a little bit” but it is “really up to President Zelenskyy to get it done”.

Putin brought his own limo – but travelled in The Beast instead

After shaking hands on the red carpet, the two leaders made their way towards their waiting vehicles.

But despite Mr Putin arriving with his “Aurus” limousine, and it being spotted on the tarmac near the planes, he got into the American presidential limousine, known as “The Beast”, to travel to the meeting location.

The Russian president was seen with a wide smile on his face, while Mr Trump appeared to be waving to the crowds.