Norwegian group in talks to buy former Liberty Steel works in South Yorkshire
UK officials have entered exclusive talks with a Norwegian startup to buy the former Liberty Steel works in South Yorkshire, in a significant step towards its rescue.Norwegian-owned Blastr is understood to be the bidder preferred by the government’s official receiver to take on ownership of the UK’s largest existing electric arc furnace in Rotherham and other works in Stocksbridge, both in South Yorkshire.The business, formally named Speciality Steel UK (SSUK), has been under the official receiver’s control since August, after the previous owner Sanjeev Gupta lost the ownership in London’s high court.Finding a new buyer would remove a headache for the government, which also a year ago took control of the Chinese-owned British Steel blast furnaces in Scunthorpe, Lincolnshire.Ministers are understood to be looking at fully nationalising that plant.
Some officials had hoped for a combination of British Steel and SSUK, but that is not thought to be part of Blastr’s plans.The official receiver said on Wednesday that the period of exclusivity would last for five weeks, kicking off a period of intensive purchase negotiations.The government said: “The official receiver will look to complete the sale at the earliest opportunity.”Blastr is owned by Vanir Green Industries, a Norwegian investor in renewable industries.The company does not yet operate any steel plants, although it is developing a site in Finland to use green hydrogen to produce iron and steel.
Blastr is run by Mark Bula, who has worked for and run large steel businesses in India and the US.It is likely to have to secure financing to take on the SSUK sites in South Yorkshire, but it would allow them to progress rapidly.SSUK has long been seen by British steel industry insiders as a viable business that was hindered by Liberty Steel’s chronic shortage of working capital to buy raw materials.Gupta held on to SSUK for as long as possible, but the magnate’s metals empire around the world has shrunk dramatically over recent years because of cash shortages.London’s high court judged last August that SSUK was “hopelessly insolvent”.
Union officials welcomed the news after employees were informed.Charlotte Brumpton-Childs, a former steelworker and a national secretary of the GMB union, said Liberty Steel workers “have been at the sharp end of years of uncertainty at this point – this needs to be a deal that secures the long-term future of steelmaking in South Yorkshire”.She added: “Any sale of SSUK must include due diligence which guarantees ongoing operations and stability of the sites.”
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