Speciality Steel UK (SSUK), a major steel producer in South Yorkshire and part of the Liberty Steel Group, has been granted an eight-week adjournment in High Court insolvency proceedings as discussions with a potential buyer continue.
The firm, which operates electric arc furnace (EAF) plants in Rotherham and Sheffield and employs approximately 1,450 staff, is currently navigating a complex debt restructuring process following the 2021 collapse of its key financial backer, Greensill Capital.
Lawyers representing SSUK confirmed in court that urgent meetings with a third-party purchaser are underway. This prompts the judge to delay the winding-up petition until mid-July to allow time for a potential sale to materialise.
The development gives Liberty Steel additional breathing room to pursue restructuring plans or sell SSUK. The business has faced increasing scrutiny from unions and political stakeholders over the pace of turnaround efforts, with calls for leadership changes and fresh ownership to stabilise operations and safeguard jobs.
The Department for Business and Trade stated it monitors the situation, but emphasised that commercial outcomes remain the company’s responsibility. Businesses with supply chain links to SSUK are advised to stay vigilant, as the outcome could influence continuity and pricing in the UK steel sector.
