Lovell forged his turnaround reputation in construction after helping to save Costain from financial collapse in the 1990s.

As finance director and later chief executive, he eliminated net debt from a peak of £450m and returned five of Costain’s six divisions to above-budget profitability.

He was drafted onto the Carillion board in November 2017 as a non-executive director and chair of its restructuring committee.

But the rescue attempt came too late and the contractor collapsed into compulsory liquidation just 10 weeks later.

Lovell returned to the industry in 2019 as chairman of lender-owned Interserve Group following its pre-pack administration.

He oversaw the break-up of the £3bn turnover group, including the sale of its facilities management arm to Mitie and RMD Kwikform to Altrad.

The remaining construction business was separated from the group and relaunched as standalone contractor Tilbury Douglas.

Lovell has now been handed the job of leading the British Steel board as ministers seek to stabilise the company and secure its long-term future.

He will work alongside the executive leadership team and Government to reshape the steelmaker and safeguard supplies for major construction, infrastructure and defence projects.

Business Secretary Jonathan Reynolds said: “Alan is bringing a wealth of experience to British Steel at a crucial time for the business.

“He understands what it takes to lead companies through major change, and I know he will work closely with the workforce, the Board and local communities as British Steel enters its next chapter.”

Lovell said: “I am proud to have been appointed into this role at such a pivotal time for the company. The world-class steel we produce is vital to Britain’s defence, infrastructure and buildings, and is a cornerstone of the UK economy.”

Lovell will combine the job with his role as chair of the Environment Agency until his extended term ends in December.

Further appointments to the British Steel board will be announced shortly.