UK Government Seeks Public Acquisition of Insolvent Speciality Steel UK to Save Jobs
Government Plans and Implications for Speciality Steel UK
Background of Speciality Steel UK
LONDON, Sept 14 (Reuters) - Britain's government said on Monday it was drawing up a plan to purchase Speciality Steel UK, a manufacturer that has previously supplied the auto, aero and defence industries, and which entered liquidation in August 2025.
Before entering liquidation, Speciality Steel was part of Liberty Steel, owned by commodities tycoon Sanjeev Gupta.
Government's Move Towards Public Ownership
Decision Against Private Sector Bid
The government said it was moving towards public ownership after deciding it could not support a proposed private sector bid for the company, which has sites in northern and central England and supports more than 1,300 jobs.
Official Statement
"We do not intervene in private companies lightly. But nor can we simply stand aside and allow the future of this company and over 1,300 jobs to be decided by default," business minister Jonathan Reynolds said.
"Working towards public acquisition will keep options open while we work with local leaders, workers, industry and investors to determine the best long-term future for these sites."
Financial Considerations and Next Steps
Funding and Due Diligence
The government said any purchase was subject to due diligence and would be funded from existing government budgets. It did not set out how much the acquisition could cost.
Reporting
(Reporting by William James)
