The UK government has announced plans to work towards the public acquisition of Speciality Steel UK (SSUK), following its decision that the proposed sale to a preferred private-sector bidder would not provide sufficient long-term stability and value for money.
SSUK operates four sites in Rotherham, Stocksbridge, Brinsworth and Wednesbury, supporting more than 1,300 jobs. The sites have capabilities in speciality steel production and have supplied products for aerospace, automotive, defence and advanced manufacturing.
The government said public acquisition would keep options open for the sites, including maintaining speciality steel production, pursuing regeneration opportunities and attracting future private investment.
SSUK entered liquidation in August 2025 after longstanding financial difficulties, including the collapse of its primary lender Greensill Capital in 2021. The government has since funded the Official Receiver to maintain site safety and support staff during the liquidation process.
The government had sought a private-sector solution and identified a lead bidder earlier this year, but concluded after due diligence and discussions that the proposal did not provide the required long-term certainty. It will now work with the Official Receiver, South Yorkshire Mayoral Combined Authority and local communities to assess the company’s future.
All future spending commitments will remain subject to due diligence and will be funded from existing government budgets, the statement said.