Britain’s third largest steelworks fall into government control

Britain’s third largest steelworks are placed under government control, which creates an uncertain future for about 1,500 workers in Roderham and Sheffield.

The Insolvency Courts ordered an essential order that the orders sought by the creditors especially owed hundreds of crores of pounds by Steels UK (SSUK) – the controversial tycoon is part of the metal empire of Sanjeev Gupta.

The company will now be placed in the hands of the official receiver and special managers of the consultancy firm Taneo, which has been appointed by the liquidator to run it.

The government has agreed to cover the plant’s ongoing wages and costs, while a buyer has been sought.

Liberty Steel said that the decision to keep the firm in mandatory liquidity was “irrational”.