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UK Government Moves to Acquire Speciality Steel UK
On September 14, Minister of Economic Affairs Jonathan Reynolds announced that the government will work toward the public acquisition of Speciality Steel UK (SSUK). The company’s sites support over 1300 jobs in Rotherham, Stocksbridge, Brinsworth and Wednesbury and have a proud steelmaking history, including the use of electric arc furnace technology. The sites could play a vital in role supporting the Government’s modern Industrial Strategy, having produced specialist steel for sectors, including aerospace, defence and advanced manufacturing.
The Government’s work towards the public acquisition of SSUK will include considering a sustainable long-term future for SSUK as a speciality steelmaker, as well as opportunities for regeneration.
SSUK has a unique place in the UK’s steel ecosystem with capability to make specialist steel used in Industrial Strategy sectors like auto, aero and defence. The company’s four sites support over 1,300 jobs in Rotherham, Stocksbridge, Brinsworth and Wednesbury and have a proud history of making products including aircraft landing gear, helicopter rotors, missiles, munitions and artillery casings.
Speciality Steels UK entered liquidation last year following longstanding financial challenges under previous ownership, particularly following the collapse of its primary lender Greensill Capital in 2021. Since then, the Government has worked hard to secure a sustainable future for the sites, funding the independent court-appointed Official Receiver to carry out the liquidation, including maintaining site safety and paying staff in the process.
Throughout that process, the Government’s clear preference was to secure a credible private-sector solution. A lead bidder was identified earlier this year, but after detailed due diligence and extensive discussions, the Government has now concluded the proposal on the table could not provide the long-term stability, certainty and value for money that workers, communities and taxpayers deserve. All future decisions and spending commitments will be subject to due diligence and funded from existing Government budgets.
www.gov.uk