Government prepares to nationalise collapsed steel firm Speciality Steel UK

The UK government is preparing to bring collapsed steelmaker Speciality Steel UK into public ownership, Business Secretary Jonathan Reynolds has announced, safeguarding about 1,300 jobs.

• Business Secretary Jonathan Reynolds told the House of Commons the government would develop a proposal for the public acquisition of Speciality Steel UK.
• Reynolds said ministers rejected a preferred bidder's proposal over "serious concerns" about its financing and protections for UK taxpayers.
• The government took control of SSUK last year after a High Court forced liquidation, and production at its South Yorkshire and West Midlands sites has since been halted, with staff on furlough.
• Blastr Green Steel, the rejected bidder, said it was disappointed and not informed in advance, stating its fully-funded takeover plan could complete within 12 weeks.