UK government moves toward public ownership of Speciality Steel UK

Britain's government has said it is preparing a plan to take Speciality Steel UK into public ownership, after concluding it could not back a private-sector bid for the insolvent manufacturer.

The company, which entered liquidation in August 2025, had previously supplied the automotive, aerospace and defence industries. Before its collapse it formed part of Liberty Steel, the group owned by commodities tycoon Sanjeev Gupta.

Speciality Steel operates sites across northern and central England and supports more than 1,300 jobs. The government said it was moving towards public acquisition after deciding that a proposed private bid could not be supported.

Business minister Jonathan Reynolds said the state does not intervene in private companies lightly, but that it could not stand aside and let the company's future and the jobs it sustains be decided by default. He said working towards public acquisition would keep options open while the government engages with local leaders, workers, industry and investors to settle the best long-term future for the sites.

Any purchase would be subject to due diligence and funded from existing government budgets, the government said. It did not indicate how much the acquisition might cost.