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The UK government has assumed control of Speciality Steel UK (SSUK), a key unit of Sanjeev Gupta’s Liberty Steel, after a London High Court declared the business insolvent. The ruling follows a creditor-led petition and the collapse of a proposed rescue deal backed by private investors.
SSUK employs about 1,450 workers across sites in Rotherham, Stocksbridge, and Wednesbury. To safeguard these jobs and ensure operational continuity, the government has appointed insolvency firm Teneo and an official receiver to oversee daily management while continuing salary payments.
The court rejected Liberty Steel’s proposed pre-packaged administration plan, citing governance concerns and lack of independent oversight. The financial troubles stem from the 2021 collapse of Greensill Capital, which had heavily funded Gupta’s GFG Alliance.
This intervention marks a significant government effort to protect strategic industrial assets while exploring long-term solutions, including the search for new buyers to revive UK steel production.
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