Norwegian group in talks to buy former Liberty Steel works in South Yorkshire

Norwegian group in talks to buy former Liberty Steel works in South Yorkshire UK official receiver understood to prefer Blastr as buyer for SSUK’s electric arc furnace in Rotherham and site in Stocksbridge Business live – latest updates UK officials have entered exclusive talks with a Norwegian startup to buy the former Liberty Steel works in South Yorkshire, in a significant step towards its rescue. Norwegian-owned Blastr is understood to be the preferred by the government’s official receiver to take on ownership of the UK’s largest existing electric arc furnace in Rotherham and other works in Stocksbridge, both in South Yorkshire. The business, formally named Speciality Steel UK , has been under the official receiver’s control since August, after the previous owner Sanjeev Gupta lost the ownership in London’s high court. Finding a new buyer would remove a headache for the government, which also a year ago took control of the Chinese-owned British Steel blast furnaces in Scunthorpe, Lincolnshire. Ministers are understood to be looking at fully nationalising that plant . Some officials had hoped for a combination of British Steel and SSUK, but that is not thought to be part of Blastr’s plans. The official receiver said on Wednesday that the period of exclusivity would last for five weeks, kicking off a period of intensive purchase negotiations. The government said: “The official receiver will look to complete the sale at the earliest opportunity.” Blastr is owned by Vanir Green Industries, a Norwegian investor in renewable industries. The company does not yet operate any steel plants, although it is developing a site in Finland to use green hydrogen to produce iron and steel. Blastr is run by Mark Bula, who has worked for and run large steel businesses in India and the US. It is likely to have to secure financing to take on the SSUK sites in South Yorkshire, but it would allow them to progress rapidly. SSUK has long been seen by British steel industry insiders as a ...