UK government plans to nationalise Speciality Steel UK

The UK government announced on September 14, 2026, that it is developing a proposal to acquire Speciality Steel UK (SSUK) for public ownership, a move aimed at protecting over 1,300 jobs and preserving strategic steelmaking capacity. Business Secretary Jonathan Reynolds told Parliament that ministers decided they could not support a private sector bid for the company, which entered liquidation in August 2025 after being part of Liberty Steel, owned by Sanjeev Gupta. Reynolds stated the government took a "long, hard look" at the private offer but had serious concerns about its proposed financing, taxpayer protections, and ability to provide long-term stability. He said the government was left with a choice to either allow the liquidation process to proceed or act to preserve strategic control. The intervention follows the recent nationalisation of British Steel and is being developed alongside similar legislation. The government did not disclose an acquisition price, a production restart plan, or the full financial details of the rejected private bid. It said any purchase would be subject to due diligence and funded from existing government budgets.