The UK government has taken control of Speciality Steels UK, the country's third-largest steelworks, following its collapse and insolvency. The firm, part of Liberty Steel and owned by Sanjeev Gupta, faced creditor objections to a plan that would have allowed Gupta to retain control of the company’s assets. The takeover places nearly 1,500 jobs at risk across the Rotherham and Sheffield plants. Speciality Steels UK has been described as 'hopelessly insolvent' and has now been placed into liquidation by court order. The government’s intervention follows previous rescues in the steel sector, including the Scunthorpe plant earlier in the year. Local officials, including Oliver Coppard, Mayor of South Yorkshire, have expressed concern about the uncertain future for workers. The move marks a significant development in the UK steel industry, which was privatized in 1988 and has struggled despite subsidies.