Overview

• The High Court granted a winding‑up order for Speciality Steel UK, with Justice James Mellor calling the company “hopelessly insolvent” and noting just £600,000 in cash against a £3.7 million monthly wage bill.
• The Official Receiver has appointed Teneo as special managers to run the business, with wages and essential costs covered during the process and a sale now being pursued.
• Ministers say they will not own the business or provide direct financial assistance, and they have received approaches from independent parties interested in restarting steelmaking at some sites.
• Creditors led by Greensill’s administrators opposed Sanjeev Gupta’s proposed pre‑pack; the court rejected a delay for that plan, which had a financing support letter from BlackRock and reported discussions with Fidera.
• About 1,450–1,500 jobs at Rotherham and Stocksbridge are affected, with the Rotherham furnace idle for over a year, and GFG says it will advance a bid as the SFO’s investigation into the group continues.