News that Specialty Steel UK will enter administration following a winding down petition in the High Court is another major blow for the UK steel sector – and the country’s broader industrial strategy.
Placing the UK’s third-largest steelworks under government control, creating an uncertain future for nearly 1,500 workers in Rotherham and Sheffield, has ramifications far beyond the steel industry.
The company, which uses scrap metal to manufacture steel, will now be placed in the hands of the official receiver – a government appointed liquidator – and special managers from consultancy firm Teneo.
The steel made by Liberty Speciality Steels can be found in vessels including aircraft carriers, military aircraft components and defence systems, landing gear, controls and in components for oil and gas, power generation and rail.
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