US EditionGovernment to take control of Speciality Steel after insolvency
- The UK government has taken control of Speciality Steel UK, the country's third-largest steel producer, after the high court ordered its compulsory liquidation on Thursday, placing the operation under the Official Receiver and special managers.
- The liquidation followed unsuccessful rescue negotiations despite GFG Alliance presenting a court plan to secure new investment and protect nearly 1,500 jobs at its Rotherham and Stocksbridge sites.
- Speciality Steel UK, part of metals magnate Sanjeev Gupta's Liberty Steel empire, faced financial pressures after Greensill Capital's collapse left £3.7bn in outstanding loans and a near two-year plant furlough.
- GFG’s chief transformation officer Jeffrey Kabel described the decision to liquidate as unreasonable, highlighting backing from the globe’s biggest asset manager aimed at restarting activity and aiding creditor repayment.
- The government aims to preserve steelmaking jobs and support communities while prolonged uncertainty and costs for taxpayers arise from liquidation despite a commercial solution being available.
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Evening Standard+2 Reposted by 2 other sources
Government to take control of Speciality Steel after insolvency
However, bosses at Speciality Steel said the move to wind up the business is ‘irrational’.
·London, United Kingdom
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Liberty Steel's Speciality Steels UK pushed into compulsory liquidatio
One of the UK’s last remaining steel companies has been pushed into compulsory liquidation – and will fall into government control. Speciality Steels UK (SSUK), part of the Liberty Steel empire owned by metals tycoon Sanjeev Gupta, employs nearly 1,500 people at sites in Rotherham and several other locations across South Yorkshire. Behind Tata Steel and British Steel, it is the third-largest steel producer in the country. Politics live: New migr…
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Total News Sources13
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
13%
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