The UK Government has taken over Specialty Steel after a court ordered the liquidation of the Liberty Steel subsidiary due to massive debts.
Speciality Steel is Britain's third-largest steel manufacturer, employing 1,450 workers. Its plants in Rotherham and Stocksbridge will continue operations for now, with the government covering wages and other expenses. An independent liquidator has been appointed to find a buyer and preserve as many jobs as possible.
Earlier this year, British Steel, which ran the UK’s last two blast furnaces and supported 2,700 jobs, was also nationalised. Its owner, China’s Jingye Group, had planned to close the blast furnaces.
Prime Minister Keir Starmer stated that the “economic security” of the United Kingdom was at risk, emphasising the strategic importance of safeguarding the nation’s steel industry.
