Britain’s third-largest steel producer put under government control after owner branded ‘hopelessly insolvent’

News Snapshot:

Britain's third-largest steelmaker was today put under government control after a judge branded its owners ‘hopelessly insolvent’. A High Court judge granted a winding-up order against Speciality Steel UK, owned by Indian-born metals tycoon Sanjeev Gupta’s Liberty Steel group, over long-term unpaid debts. The Official Receiver was placed in control of the company’s plants in Rotherham and Stocksbridge, South Yorkshire, and Wednesbury, West Midlands, and talks were ongoing this evening between officials and trade unions over the future of 1,450 staff. The judge, Mr Justice Mellor, said: ‘It is quite clear that there are special managers lined up who have...