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.
2. £400m investment over 10 years
The Government has bought every share in the firm for £2.58m on the basis it will invest £400m back into machine shop and foundry over thee next 10 years. This will include replacing enormous and aging pieces of equipment such as one of the firm's 65-year-old forge, as well as strengthening flood defences. Photo: Simon Hulme
3. Defence contracts
Forgemasters has historically made 50 per cent of its revenue from defence contracts. This includes forging steel used in Trident nuclear submarines as well as international contracts. The MoD, which is now owns the firm in its entirety, says the acquisition will ensure its own "critical existing". Photo: Allan Miligan
4. No immediate changes to workforce
Chief Finance Officer at Forgemasters calls the acquisition a "herald of a bright new future" for the firm and says it has "no immediate intention" of making changes to its workforce. He further hopes the investment will allow them to create engineering and manufacturing jobs in the future. Photo: Simon Hulme