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Government to Take over Speciality Steel UK in Move Set to Cost £350m
Ministers said the move would protect 1,300 jobs and preserve specialist steel production after a private buyer was rejected over financing concerns.
- On Monday, the UK government announced plans to purchase Speciality Steel UK for around £350 million, securing the manufacturer that entered liquidation in August 2025.
- Business Secretary Jonathan Reynolds stated the government intervened after rejecting a private sector bid, citing "serious concerns about the proposed financing" and its ability to offer long-term stability for the local economy.
- The acquisition targets safeguarding about 1,300 jobs across South Yorkshire and the West Midlands, funded from the remaining portion of a £2.5 billion pot pledged in Labour's 2024 manifesto.
- Rotherham MP Sarah Champion "warmly welcomed" the intervention, while Community Union general secretary Roy Rickhuss called it a "welcome move" protecting critical energy infrastructure and advanced manufacturing capabilities.
- The government estimates the public ownership process will take four to six months, though Shadow business minister Bradley Thomas questioned if the move stems from ideological "obsession with nationalisation" rather than economic necessity.
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UK government seeks to acquire insolvent specialist steelmaker
·London, United Kingdom
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Ministers poised to nationalise second steel firm
The government is poised to take the UK’s third-largest steelworks into public ownership, after months of talks to find a buyer broke down. Business secretary Jonathan Reynolds said on Monday that ministers would seek to use recently ratified legislation to nationalise Speciality Steel UK (SSUK) from failure, a matter of weeks on from a similar [...]
·London, United Kingdom
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Coverage Details
Total News Sources15
Leaning Left3Leaning Right1Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 30%
C 60%
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