UK government moves to acquire Speciality Steel UK; AI stocks hit by calls for slowdown – as it happened
Newsflash: The UK government has decided to acquire the country’s third-largest steel producer.
The Business Secretary Jonathan Reynolds has announced the Government will “work towards” the public acquisition of Speciality Steel UK (SSUK), after ministers decided they could not support its sale to Norwegian steel startup Blastr Green Steel.
SSUK has been in liquidation since last year, and was part of Sanjeev Gupta’s Liberty Steel before its recent collapse.
The company is an important part of the UK steel sector as it can make steel for use in the auto, aero and defence sectors.
According to the government, SSUK’s four sites support over 1,300 jobs in Rotherham, Stocksbridge, Brinsworth and Wednesbury.
Reynolds is stepping in after deciding Blastr’s proposal could not provide long-term stability, certainty and value for money.
double quotation mark “We do not intervene in private companies lightly. But nor can we simply stand aside and allow the future of this company and over 1,300 jobs to be decided by default.
“Working towards public acquisition will keep options open while we work with local leaders, workers, industry and investors to determine the best long-term future for these sites, which could play a vital role in the future of the growth-driving sectors in our Industrial Strategy, including defence and advanced manufacturing.
“ I am determined that we take the time to properly assess the opportunities available here and make decisions that support growth, jobs and Britain’s industrial future.”
Source: The Guardian. Summary reproduced for informational purposes.
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