UK officials have entered exclusive talks with Norwegian startup Blastr to acquire the former Liberty Steel works in South Yorkshire, marking a significant step towards rescuing the site. The business, formally named Speciality Steel UK (SSUK), has been under the control of the government's official receiver since August after previous owner Sanjeev Gupta lost ownership in a London high court ruling.
Blastr, owned by Norwegian investor Vanir Green Industries, is understood to be the preferred bidder for SSUK's electric arc furnace in Rotherham—the UK's largest—and other works in Stocksbridge. The official receiver announced a five-week exclusivity period starting Wednesday, during which intensive purchase negotiations will take place.
The government stated that the official receiver will seek to complete the sale at the earliest opportunity. Blastr is run by Mark Bula, who has experience leading large steel businesses in India and the US. The company does not yet operate any steel plants but is developing a site in Finland to use green hydrogen for iron and steel production.
Securing financing is likely necessary for Blastr to take on the SSUK sites, but the acquisition would allow rapid progress. Industry insiders have long viewed SSUK as a viable business hindered by Liberty Steel's chronic shortage of working capital. Union officials welcomed the news, with Charlotte Brumpton-Childs of the GMB union emphasising the need for a deal that secures the long-term future of steelmaking in South Yorkshire.
