The UK government is preparing to take over Speciality Steel UK after efforts to find a private buyer failed. Business secretary Jonathan Reynolds will address MPs on the future of the insolvent steelmaker, formerly part of Sanjeev Gupta's metals empire. Andy Burnham has advocated for greater "public control" of key economic sectors, following Sir Keir Starmer's nationalisation of British Steel earlier this year.

Speciality Steel, the UK's third-largest steelmaker and leading green steel producer for aerospace, defence and energy, operates six sites in Rotherham and Stocksbridge. Since the official receiver assumed control in August 2025, the government has funded wages for 1,450 employees at £3.5mn monthly, alongside plant running costs and Teneo restructuring fees. The plants have been effectively mothballed for a year.

Negotiations with Norwegian start-up Blastr collapsed, with insiders calling its bid "a non-starter" after CEO Mark Bula stepped down. Blastr's finance chief David Morant assumed the role. The government has committed up to £2.5bn to the steel sector via the National Wealth Fund, with £500mn already allocated to Tata Steel's Port Talbot conversion. British Steel's Scunthorpe site has cost £377mn over nine months and continues to drain £1.3mn daily.