Government set to nationalise troubled steel firm
Summary
The UK government is planning to take full control of Speciality Steel UK (SSUK), a major steel company that employs about 1,300 people, after rejecting a private buyer. Production at the company’s plants was stopped earlier this year, and the government aims to protect the steelworks and explore future uses before making final decisions.Key Facts
- Speciality Steel UK is the UK’s third-largest steel company with sites in South Yorkshire and the West Midlands.
- The government took control of SSUK last year after it went into liquidation.
- A private buyer offered a deal earlier this year, but the government rejected it due to concerns about financing and taxpayer protection.
- Production stopped months ago, and workers are on reduced pay furlough.
- The government will formally acquire SSUK to keep control and allow time to research future opportunities.
- Any future spending on the business will come from existing government funds after careful checks.
- The business secretary said this will help protect jobs and support local communities.
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