Company in talks to buy Speciality Steel would not need taxpayers’ cash and is ready to do deal
The deal would not need any government grants to proceed
A company in talks to buy Speciality Steel would not need taxpayers’ cash and is ready to do a deal next month, The Star understands.
Blastr Green Steel has lined up a comprehensive financial proposal, including the backing of Aptior, an alternative investment manager specialising in ‘stressed credit, distressed debt and rescue finance investments’.
The deal would not need any government grants to proceed and it hoped to exchange contracts in autumn, The Star understands.
BGS wrote to policy makers in recent days to set out its ‘oven ready’ plans to acquire SSUK, it is understood.
It was reported last month that Whitehall officials want to nationalise SSUK, British Steel in Scunthorpe and possibly Liberty Steel Dalzell in Scotland - at a cost to the taxpayer of £2bn or more - to preserve sovereign steelmaking capability.
Blastr Green Steel declined to comment.
An Insolvency Service spokesperson said: "We continue to engage with the preferred bidder, as the Official Receiver continues to pursue a successful sale."
Speciality Steel employs 1,300 at sites in Stocksbridge and Rotherham.
It has been under the control of the Official Receiver - part of the government’s Insolvency Service - since it was put into liquidation in summer 2025.
The government is paying wages and costs of about £3.5m-a-month.
Many workers are on furlough, being paid a percentage of wages in the expectation of being called back to work.
In April, the Official Receiver announced a five-week exclusivity period with preferred bidder Norwegian firm Blastr.
That period ended without a deal but talks continue.