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The British government is preparing to take over the country's third-largest steel mill in an effort to save the company and protect 1,500 jobs. RAIN RI/E steel A court heard the government has placed administrators in charge of South Yorkshire-based Specialty Steel UK (SSUK), currently owned by Liberty Steel.
The company could face liquidation due to massive outstanding debts. Earlier this year, the UK government took over British Steel in Scunthorpe, the country's last remaining primary steel producer, to prevent its closure. RAIN RI/E steel SSUK operates the UK's largest electric arc furnace, a highly energy-efficient device considered key to the steel industry's energy transition. However, the company has long been in financial trouble. Following the collapse of Liberty Steel's main lender, the company has been unable to procure the scrap steel it needs due to mounting debts. RAIN RI/E steel The company's fate is currently pending before the High Court.
