UAE-based steel producer Arabian Gulf Steel Industries (AGSI) has approached the UK government regarding a potential acquisition of Speciality Steel UK (SSUK), which entered compulsory liquidation in August last year, according to reports from British broadcaster Sky News.
AGSI is understood to be among a limited number of bidders that have submitted proposals to acquire SSUK, formerly owned by Liberty Steel. The UK government has been actively seeking buyers to help preserve domestic steelmaking capacity, after the business was declared “hopelessly insolvent.”
SSUK operates steelmaking facilities in Rotherham and Stocksbridge, South Yorkshire, and employed around 1,500 workers prior to its collapse. Sources say it remains unclear how advanced discussions between AGSI and the government are, and commercial terms of any proposal have not been disclosed.
A UK government spokesperson reiterated its commitment to protecting steelmaking and jobs, while noting that the insolvency process is being handled independently.
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