The UK government is preparing to nationalize Speciality Steel UK (SSUK), the country's third-largest steelworks, following the collapse of a potential private sale. Business Secretary Jonathan Reynolds informed the House of Commons that the government intends to acquire the firm, which operates facilities in Stocksbridge, Rotherham, and Wednesbury.
The government had previously assumed control of the company last year after its predecessor, Liberty Steel, was ordered into liquidation by the High Court. While a private bidder emerged earlier this year, ministers rejected the proposal due to concerns regarding the deal's financing and the level of protection offered to taxpayers.
SSUK currently employs approximately 1,300 staff members, many of whom have been on furlough with reduced pay since production was halted several months ago. Reynolds stated that the decision to pursue a public acquisition was made to avoid the risks associated with a standard liquidation process, which could have left the government without influence over the future of the sites.
According to the Business Secretary, the acquisition will allow for a comprehensive assessment of the company's potential, including its role in national resilience and future industrial development. Future expenditures will be subject to due diligence and managed through existing government budgets.
Unite general secretary Sharon Graham welcomed the announcement, describing the move as a critical step toward safeguarding employment. Reynolds emphasized his commitment to the workforce, stating he intends to secure a stable future for the affected communities.
Source: BBC News
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