US EditionPreferred bidder identified to take control of Speciality Steel
- The Official Receiver has agreed an exclusivity period with a preferred bidder for Speciality Steel UK, without disclosing the bidder's identity.
- The sale process is expected to last about five weeks as the preferred bidder advances their offer.
- Speciality Steel has paused production at sites in South Yorkshire and the West Midlands, affecting around 1,300 employees who have faced furlough and reduced wages.
- The union considers this an important moment that may end the uncertainty faced by workers at Speciality Steel UK following government intervention last autumn.
17 Articles
17 Articles
Evening Standard
Preferred bidder identified to take control of Speciality Steel
The Official Receiver said the process, aimed at securing a formal sale, is expected to last around five weeks.
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A Norwegian green-steel start-up has emerged as the preferred bidder for the former Liberty Steel operations in South Yorkshire, raising hopes of a long-awaited rescue for two plants that have become emblematic of Britain’s troubled heavy industry. Blastr, a business backed by the Oslo-based renewables investor Vanir Green Industries, has entered a five-week period of exclusive negotiations with the Government’s official receiver to acquire Spec…
News: Preferred bidder for former Liberty steelworks in Rotherham
A sale is moving closer for Speciality Steel UK (SSUK), with the official receiver confirming a preferred bidder for the company. Last August, a judge approved an application from creditors to place SSUK, previously part of Liberty Steel and GFG Alliance, into compulsory liquidation. Teneo Financial Advisory Limited have been brought in as Special Managers whilst a formal sale process takes place. The government has committed £50m to date to kee…
Preferred bidder chosen for Speciality Steel UK
The Official Receiver has confirmed a major step toward the sale of Speciality Steel UK (SSUK), which includes sites at Rotherham and Stocksbridge, following the company’s liquidation last August. A period of exclusivity has been agreed with a preferred bidder, marking the next stage of a future sale agreement.
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