Ministers are evaluating options to save Speciality Steel UK if Liberty Steel Group faces administration after a court case. Business secretary Jonathan Reynolds may consider government intervention, including potential takeover of the plant employing 1,450 staff in Rotherham and Sheffield. The government has previously intervened in the steel sector, notably with British Steel. Labour politicians have urged for more support as Liberty Steel has reported significant losses and ceased production in Rotherham for a year. Gupta's financial difficulties stem from the collapse of Greensill Capital, impacting his global metals empire.
The business secretary, Jonathan Reynolds, is exploring government options to support Speciality Steel UK if its parent company, Liberty Steel Group, collapses after an insolvency hearing.
Reynolds has indicated that the government may consider taking full control of Speciality Steel, which employs 1,450 people across its Rotherham and Sheffield plants.
A government spokesperson mentioned continuous monitoring of Liberty Steel's developments while stating that it is ultimately the company’s responsibility to manage its future.
Liberty Steel has struggled financially, with a reported loss of £340 million over four years, and has not produced at Rotherham for a year due to material costs.
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