Aug 21, 07:16 PM

UK Government Takes Control of Sanjeev Gupta’s Liberty Steel Division Speciality Steels UK in Rotherham and Sheffield After Collapse

The UK government has taken control of Speciality Steels UK, the country's third-largest steelworks, following its collapse and an insolvency hearing. The company, part of Liberty Steel owned by Sanjeev Gupta, reportedly owes hundreds of millions of pounds to HM Revenue and Customs. Creditors objected to a plan that would have allowed Gupta to retain control of the company’s assets, prompting the government intervention. The takeover places nearly 1,500 jobs at risk across plants in Rotherham and Sheffield. Liberty Steel’s two Electric Arc furnaces in Rotherham could potentially be linked with British Steel operations. The government previously rescued the Scunthorpe plant in April, amid ongoing challenges in the steel sector. Local officials, including Oliver Coppard, Mayor of South Yorkshire, have expressed concern over the uncertain future for workers. The move reflects continued instability in the UK steel industry and ongoing debates about nationalising essential industries.

#UK #Speciality Steels UK #Liberty Steel #Sanjeev Gupta #HM Revenue and Customs #Gupta #Rotherham #Sheffield #Electric Arc #British Steel #Scunthorpe #Oliver Coppard #South Yorkshire

Written with ChatGPT (GPT-4).

UK Government Takes Control of Sanjeev Gupta’s Liberty Steel Division Speciality Steels UK in Rotherham and Sheffield After Collapse

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