The UK government is considering emergency measures to save Speciality Steel UK, which employs over 1,400 workers. Business Secretary Jonathan Reynolds may take the company into public ownership if its parent, Liberty Steel, does not secure funding. SSUK has faced financial issues since the 2021 collapse of Greensill Capital, leading to no steel production in Rotherham for over a year. Union sources indicate ongoing negotiations with a major investor, while community unions stress the need for government intervention to protect jobs if administration occurs.
GFG Alliance, which owns Speciality Steel UK, faces financial turmoil and has not produced steel for over a year due to cash shortages, yet continues to pay staff.
The UK government is considering taking Speciality Steel UK into public ownership if its parent company fails to secure funding or a buyer amid a critical court hearing.
Community union warns that if Speciality Steel UK enters administration, the government must act to protect jobs and strategically important assets in South Yorkshire.
Business Secretary Jonathan Reynolds has stated that the workers at Speciality Steel UK are 'a national asset' in light of the company's precarious financial situation.
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