Overview

• The High Court granted a winding‑up order for Speciality Steel UK, with Judge James Mellor calling the company hopelessly insolvent and placing it under the Official Receiver with Teneo appointed as special managers.
• Ministers said the state will not take ownership or provide long‑term financing, but immediate wages and running costs will be funded while buyers are sought.
• Sanjeev Gupta’s bid to retain control via a pre‑pack administration was rejected after creditor opposition, despite references to funding discussions involving Fidera and a support letter reported from BlackRock.
• About 1,450–1,500 jobs are at stake at plants in Rotherham and Stocksbridge, with court reports citing only about £600,000 cash on hand, losses of roughly £9m a month, and production at Rotherham largely mothballed for a year.
• The Department for Business and Trade told the court it has heard from independent parties interested in restarting steelmaking, while Greensill‑linked creditor claims and an SFO probe into GFG Alliance continue to weigh on the process.