The Government has taken control of the UK’s third largest steelworks in a bid to save 1,450 jobs at the site. The high court confirmed on Thursday that Speciality Steel – previously part of Sanjeev Gupta’s Liberty Steel business – would face a compulsory liquidation. The operation, which has plants in Rotherham and Stocksbridge in South Yorkshire, will be placed into the hands of the Official Receiver and special managers from advisory firm Teneo. Ongoing wages and costs to keep the plant running will be covered by the Government until a buyer is found.
00:00Hello, I'm Greg Wright of the Yorkshire Post.
00:03The government has taken control of the UK's third largest steelworks in a bid to save 1,450 jobs at the site.
00:12The High Court confirmed on Thursday that Speciality Steel, which was previously part of Sanjeev Gupta's Liberty Steel business, would face a compulsory liquidation.
00:23The operation, which has plants in Rotherham and Stocksbridge in South Yorkshire, will be placed in the hands of the official receiver and special managers from the advisory firm Teneo.
00:35Ongoing wages and costs to keep the plant running will be covered by the government until a buyer is found.
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