Fri, 22 Aug 2025 | ADMINISTRATION
Speciality Steel UK (SSUK) has been taken over by the UK government after it was declared insolvent.
The High Court ordered SSUK, the nation’s third-largest steelworks into compulsory liquidation, including factories in Rotherham and Stocksbridge that employ around 1,450 people.
The government assigned the Official Receiver and financial consultants from Teneo to manage operations. Employees will still be paid and day-to-day costs covered while efforts are made to find a buyer. Although the government is taking temporary control, it doesn’t plan to own the business permanently. Ongoing wages and costs to keep the plant running will be covered by the Government until a buyer is found.
Insolvency courts granted a compulsory winding up order sought by creditors owed hundreds of millions of pounds by SSUK – part of the Liberty Steel metals empire of controversial tycoon Sanjeev Gupta.
However, SSUK’s leadership calls the liquidation move “irrational” and have argued that they had support for a rescue plan backed by Sanjeev Gupta's parent business, GFG.
Jeffrey Kabel, SSUK’s chief transformation officer said: "The plan that GFG presented to the court would have secured new investment in the UK steel industry, protecting jobs and establishing a sustainable operational platform under a new governance structure with independent oversight.
"Instead, liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers for settlements and related expenses, despite the availability of a commercial solution."
Industry bodies and unions welcomed the government’s action, calling the steelworks “strategic assets” for the region and expressing hope that a new owner will bring in the investment needed to restore production and reduce reliance on steel imports.
The move follows an earlier government intervention in the steel industry this year, showing a growing willingness to step in when key UK manufacturing faces collapse.
View the latest distressed UK businesses here.
This is a unique opportunity to acquire a well-established business in the North of England that specialises in producing high-quality insulated glass panels for the construction industry.
This is an attractive opportunity to acquire a well-established UK-based skincare and wellbeing brand known for its sustainable seaweed formulations and ocean-inspired fragrances.
A prestigious French skincare brand with a century-old heritage, renowned for its minimalist yet premium aesthetic and professional, science-driven effectiveness, is now available for full transfer of ownership.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.