Today, 21 August 2025, the High Court placed Speciality Steel UK Limited into compulsory liquidation.

Below is the comment from Jeffrey Kabel, LIBERTY Steel Group’s Chief Transformation Officer:

“The decision to push Speciality Steel U.K. into compulsory liquidation, especially when we have support from the world’s largest asset manager to resume operations and facilitate creditor recovery is irrational.

The plan that GFG presented to the court would have secured new investment in the UK steel industry, protecting jobs and establishing a sustainable operational platform under a new governance structure with independent oversight. 

Instead, liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers for settlements and related expenses, despite the availability of a commercial solution.

LIBERTY has pursued all options to make its SSUK viable, including efficiency improvements, reorganisations, customer support, several attempts to find a buyer for the business and intensive negotiations with creditors to restructure debt liabilities. LIBERTY’s shareholder has invested nearly £200mn, recognising the vital role steel plays in supplying the UK’s strategic defence, aerospace and energy industries. 

GFG will now continue to advance its bid for the business in collaboration with prospective debt and equity partners and will present its plan to the official receiver. GFG continues to believe it has the ideas, management expertise and commitment to lead SSUK into the future and attract major investment.  GFG’s other significant business interests in the UK remain unaffected.

Despite many challenges facing the group and the difficult market conditions, GFG has invested over £2 billion into the UK economy since 2013, ensuring the survival of many GFG businesses despite operating losses and safeguarding thousands of jobs that would otherwise have been lost.”