British Steel owns the Scunthorpe steel works where 3,000 people work and it employs another 800 on Teesside.
But the firm was put into compulsory liquidation in May after rescue talks with the government broke down. So why does a Turkish investor want it?
Ataer Holdings is already a big shareholder in the Turkish steel company Erdermier.
"British Steel will compliment Erdermier's portfolio, in particular its railway bar production and product range of 3,000 products. It is worth reminding our audience that...Erdermier is the market leader - almost a monopoly for these products," Atilla Yesilada, GlobalSource Partners’ Turkey country analyst tells Today.
"Ataer has question marks about the productivity of British Steel and would try to increase its productivity, but more importantly, British Steel also offers Erdermier a complete portfolio of flat and special distilled products so that it can bid for more projects and public tenders."