Insolvency courts granted a compulsory winding-up order for Liberty Steel as creditors are owed millions. Speciality Steels UK, part of Liberty Steel owned by Sanjeev Gupta, uses scrap metal to manufacture steel and employs about 1,500 workers in South Yorkshire. The company will be placed into government control appointed by the liquidator. Local leaders called for urgent ministerial action to safeguard unique regional steelmaking capabilities and to secure workers' futures. Unions criticised private ownership and urged government ownership if no suitable buyer is found. A government spokesperson affirmed commitment to a bright and sustainable future for British steel.
[The] news about Liberty Steel is difficult, but offers the opportunity for clarity and a path forward. There is and will continue to be a period of uncertainty for workers at Liberty's two sites in South Yorkshire. I now want to see swift progress from government to safeguard the unique steelmaking capabilities we have here in our region, I will be seeking a conversation with ministers as a matter of urgency and will do everything I can to make sure that workers at Liberty Steel and the steel industry that is so integral to our identity have the brightest possible future.
What has happened is again another example of when the government does not have a stake in these important national assets, they are at the whim of often international owners that have profit above people and don't have a stake in the UK national infrastructure. If the right buyer cannot be found then the government should be prepared to run the company itself and ensure it is ready to meet the challenges of the future.
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