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U.K. Government to Take Partial Control of Liberty Steel
08/22/2025 - The British government will take control of Yorkshire-based Specialty Steel UK, a part of Liberty Steel, after the business was placed into liquidation following a petition from its creditors, reported Reuters.
Owned by commodities tycoon Sanjeev Gupta, the business was placed into compulsory liquidation by a judge at London’s High Court. Liberty Steel is part of GFG Alliance, which has been refinancing its business in steel, aluminum and energy after its backer Greensill filed for insolvency in 2021, Reuters said.
The government’s insolvency service said the business will be placed under a government-appointed liquidator and managers from consultancy Teneo. The government will cover the ongoing cost to keep Specialty Steel UK running while it tries to find a buyer.
“Liquidation will now impose prolonged uncertainty and significant costs on U.K. taxpayers,” said Jeffrey Kabel, chief transformation officer at Liberty Steel.
The government said it was committed to supporting the steel industry.
“We remain committed to a bright and sustainable future for steelmaking and steelmaking jobs in the U.K.,” said a government spokesperson.
With 1,450 employees, Specialty Steel UK produces steel used in aerospace, defense and power generation.
This marks the second time the U.K. government has intervened in the steel industry this year. In April, it moved to take control of British Steel’s Scunthorpe plant.
The government’s insolvency service said the business will be placed under a government-appointed liquidator and managers from consultancy Teneo. The government will cover the ongoing cost to keep Specialty Steel UK running while it tries to find a buyer.
“Liquidation will now impose prolonged uncertainty and significant costs on U.K. taxpayers,” said Jeffrey Kabel, chief transformation officer at Liberty Steel.
The government said it was committed to supporting the steel industry.
“We remain committed to a bright and sustainable future for steelmaking and steelmaking jobs in the U.K.,” said a government spokesperson.
With 1,450 employees, Specialty Steel UK produces steel used in aerospace, defense and power generation.
This marks the second time the U.K. government has intervened in the steel industry this year. In April, it moved to take control of British Steel’s Scunthorpe plant.
