Norwegian 'green steel' producer in running to buy South Yorkshire-based Speciality Steels
Blastr is reportedly speaking to the Official Receiver about taking over the UK's third largest producer
Last updated 22 hours ago
A Norwegian 'green steel' company is reportedly in talks to take over the collapsed South Yorkshire steelmaker Speciality Steels UK.
The company, which was the third biggest steel manufacturer in the UK, went into insolvency last year and is currently being held by the Official Receiver.
SSUK employs well over 1,000 people but was deemed 'hopelessly insolvent' by a judge last summer, before being placed into compulsory liquidation.
Blastr is reportedly taking advice from an investment bank on a plan to take over SSUK, in an apparent bid to drive down costs for low emissions steel.
Abu Dhabi based Arabian Gulf Steel Industries and Czech owned 7 Steel UK are among other companies said to be interested in SSUK, which operates from sites in Sheffield and Rotherham.