The U.K.’s third-largest steelworks has been placed under government control, creating an uncertain future for nearly 1,500 workers at the Speciality Steels UK (SSUK) operations in Rotherham and Stocksbridge in South Yorkshire, reports BBC News.
The company, which uses scrap metal to manufacture steel, is owned by Liberty Steel, in turn owned by controversial tycoon Sanjeev Gupta. British insolvency courts granted a compulsory winding up order sought by creditors owed hundreds of millions of pounds, and the facilities will now be placed in the hands of the official receiver — a government appointed liquidator — and special managers from consultancy firm Teneo.
The government has agreed to cover the ongoing wages and costs of the…