In the UK, the government is preparing to nationalize Speciality Steel, the country's third steel mill
London has ruled out a private takeover, a solution deemed insufficiently stable, and intends to keep all options open for the future of the company, which has more than 1,300 employees.
The UK government is preparing to nationalize Speciality Steel, the country's third-largest steelworks. The company, which has over 1,300 employees, fell into administration last year and has failed to find a private buyer. According to the Guardian Business, the government will take over Yorkshire-based Speciality Steel UK to protect jobs in Rotherham, Stocksbridge, Brinsworth, and Wednesbury.
The steelmaker, formerly part of Sanjeev Gupta's industrial empire, has been run by the government's official receiver since its administration. Talks with Norwegian steel startup Blastr Green Steel to buy the company had stalled, and a deadline to finalize a deal passed in June. The government considers the steelworks and its staff to be important strategic assets for the UK.
The UK business secretary, Jonathan Reynolds, stated that the government will work towards acquiring the company to keep options open while working with local leaders, workers, and industry. Speciality Steel UK is the largest producer of "green steel", made using less-polluting electric arc furnaces. Le Monde Economie reports that London has ruled out a private purchase, deeming it insufficiently stable.
Brief written by urgent.news from Le Monde Economie, Guardian Business — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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