South Yorkshire Steel Firm Avoids Insolvency as Court Adjourns Winding Up Petition Pending Potential Buyer

Speciality Steel UK (SSUK), a South Yorkshire-based steel company part of the Liberty Steel Group, has temporarily avoided insolvency after the High Court adjourned a winding up petition to allow time for a potential sale. The company, employing around 1,450 people and operating in Rotherham and Sheffield, is engaged in complex debt restructuring following the 2021 collapse of its main financial backer, Greensill Capital. Jeffrey Kabel, Liberty Steel’s chief transformation officer, described the court's decision as positive and emphasized ongoing efforts to finalize options, including a sale, to preserve electric arc furnace steelmaking in the UK. Despite these developments, union leaders expressed frustration over prolonged uncertainty and urged Liberty Steel's owner, Sanjeev Gupta, to either invest in the company or step aside. The adjournment provides SSUK with an eight-week window to engage in intensive discussions aimed at securing a sale that supports the strategic interests of the business, its employees, and the broader UK steel sector. Creditors, including former lenders and tax authorities, remain involved as the company seeks a sustainable path forward.