UK Government Takes Over Liberty Steel Yorkshire Plant Protecting 1,500 Jobs

The UK government is preparing to take control of Liberty Steel's Speciality Steel UK (SSUK) operations in South Yorkshire after the company was placed into liquidation following creditor petitions due to insolvency. SSUK, employing around 1,450 people, is a key steel producer using electric arc furnaces, important for the UK's green steel transition, but has been financially pressured since the collapse of its main lender, Greensill Capital, in 2021. Government-appointed managers and a liquidator are ready to take over the business to maintain production and protect jobs while seeking a buyer. Sanjeev Gupta, executive chairman of Liberty Steel's parent group GFG Alliance, opposes liquidation, advocating for a management buyout plan supported by private investment from BlackRock, arguing this would avoid taxpayer costs and uncertainty. The High Court has adjourned decisions multiple times to gather more evidence on post-liquidation outcomes, with government officials emphasizing no formal ministerial decision has been made yet. This intervention marks the second major government rescue in the UK steel industry this year, following the earlier takeover of British Steel's Scunthorpe plant.