🚨 Major job worries hit the UK as the third-largest steelworks goes under! 🚨
In a shocking turn of events, Specialty Steel, part of the Liberty Steel conglomerate, has collapsed into government receivership. This development casts a long shadow over the livelihoods of 1,500 workers and marks another troubling chapter for the UK steel industry. The high court’s decision places the Rotherham and Stocksbridge plants in the hands of a government-appointed liquidator and managers from Teneo.
While the government covers the running costs to keep the South Yorkshire plants alive until a buyer is found, Welsh politicians have voiced their disappointment. They call out ‘double standards’ after last year’s job losses at Tata Steel’s Port Talbot. The move has been labelled “irrational” by Speciality Steel bosses, who argue they had plans for a commercially viable turnaround.
GMB Union is calling this another tragedy for UK steel, but it’s also seen as an opportunity for the government to act decisively, just like they did with British Steel in Scunthorpe. As uncertainty looms for staff and their families, the government assures its support for a sustainable steel industry future in the UK.
There’s more to the story as Sanjeev Gupta’s group, GFG, plans to bid to regain control. Let’s hope for a positive outcome that preserves this cornerstone of British industry. 💪 #UKsteel #SupportUKjobs #LibertySteel #IndustryNews