Government to take over Speciality Steel UK in move set to cost £350m

Speciality Steel employs around 1,300 workers, many of whom have been put on furlough with reduced wages (Alamy/PA) -

The Government is planning to take over Speciality Steel UK in a move set to cost around £350 million, after a private sector bid failed to secure its backing.

Business Secretary Jonathan Reynolds said the Government would work towards the “public acquisition” of the UK’s third-largest steelworks.