The UK government has announced it will move towards nationalising Speciality Steel UK (SSUK), the Yorkshire-based steelmaker, in a bid to safeguard 1,300 jobs after the company failed to find a private buyer. Business secretary Jonathan Reynolds said officials would "work towards" public acquisition, having judged that a proposed takeover by Norwegian firm Blastr Green Steel could not deliver the long-term stability the sites needed. The move matters because SSUK is Britain's largest producer of "green steel" and Reynolds described its plants as strategically important for sectors including defence and advanced manufacturing.

SSUK, formerly part of Sanjeev Gupta's industrial empire, collapsed into administration last year following long-running financial troubles that worsened after its main lender, Greensill Capital, failed in 2021; a court at the time found it "hopelessly insolvent" with just £650,000 left in the bank. The government has since spent £3.5m a month funding wages while the official receiver ran operations, though the plants have not produced steel for a year. Blastr said it was "disappointed" and had not been informed in advance, insisting it had a fully-funded, taxpayer-free offer ready within 12 weeks; the Conservatives accused ministers of ideological motives, which Reynolds denied, instead blaming a Tory "legacy of neglect". The government has separately pledged up to £2.5bn for the steel industry via the national wealth fund, including £500m for converting Tata Steel's furnaces.