Sheffield Forgemasters has been acquired by the Ministry of Defence after years of talks in an effort to shore up the company so it can continue its manufacturing of steel for defence projects like the Trident nuclear submarine fleet.
Here is everything we know about the deal so far and the future of the firm in Shefffield.
5. Ministry of Defence involvement
Two new non-executive directors will be appointed - one by the Secretary of State for Defence Ben Wallace to represent the interests of the MoD, and another to provide oversight of the recapitalisation programme who will have 'appropriate infrastructure development expertise and experience'. Photo: PAUL ELLIS
6. Deloitte was involved in talks
In December, news website ThisIsMoney reported that consultancy firm Deloitte, who have been scrutinized for receiving millions in contracts under the Conservatives, was hired to assist talks in the acquisition. The Star has requested how much the consultants were paid for their work. Photo: Jack Taylor
7. What about the debts?
The statement today reported that the company's debts had "been assumed" by the Government in the acquisition. The transaction also involves a refinancing of the company’s credit, with the financial guarantees provided other partners such as Rolls-Royce, BAE Systems and Babcock "falling away". Photo: Sheffield Forgemasters
8. What do the unions say?
The firm's branch of Unite said its members "breathed a huge sigh of relief" upon the deal being reached. A union leader said it "brings to an end years of instability" and said the Government was "finally waking up to a crisis of its own making". Photo: Simon Hulme