Government moves to nationalise Speciality Steel UK to protect 1,300 jobs

A struggling British steel producer, previously owned by a major industrial group, will be taken into public ownership after failing to secure a private buyer following its administration last year. The government has announced plans to acquire Speciality Steel UK to safeguard around 1,300 jobs across multiple sites in South Yorkshire and the West Midlands. Officials aim to stabilize operations while exploring a long-term solution to prevent further collapse. The move marks an unusual intervention in the private sector to preserve a key manufacturing business.

Firm, once part of Sanjeev Gupta’s empire, fell into administration last year but has failed to find buyerBusiness news – live updatesOne of Britain’s steelworks is to come into public ownership after the government said it would take over Yorkshire-based Speciality Steel UK (SSUK).Jonathan Reynolds, the business secretary, said officials would “work towards” acquiring the company to protect the jobs of its 1,300 workers in Rotherham, Stocksbridge and Brinsworth in South Yorkshire and Wednesbury in the West Midlands. Continue reading...