Liberty Steel: Preferred bidder announced with sale expected 'at earliest opportunity'
The sale of a specialist steel manufacturer based in South Yorkshire has come a major step forward after the Official Receiver said they had selected a preferred bidder.
Formerly part of Liberty Steel, Speciality Steel UK (SSUK) operates at sites in Rotherham, Wednesbury and Stocksbridge, Sheffield, and employs around 1,450 people.
SSUK was put up for sale after collapsing into compulsory liquidation in August 2025, in a move sought by creditors owed hundreds of millions of pounds.
It provides vital steelmaking capacity in aerospace, defence and power generation.
It uses scrap metal to manufacture steel, which can be found in vessels including aircraft carriers, military aircraft components and defence systems, landing gear, controls and in components for oil and gas, power generation, rail and beyond.
The Official Receiver (OR), a government appointed liquidator, said a period of exclusivity has been agreed with the unnamed bidder, marking the next stage of a future sale agreement.
It added they would “look to complete the sale at the earliest opportunity”.
Sources have suggested the preferred bidder is a Norwegian green steel group called Blastr, run by Mark Bula, a 35-year steel industry veteran who has worked at the American companies Nucor and Big River Steel.
The company, which is developing a state-of-the-art steel plant in Inkoo, Finland, says its aim is to produce “premium steel with a fraction of the emissions, shaping a sustainable future for Europe’s steel industry”.
The OR said: “This is expected to last approximately five weeks, during which the preferred bidder will progress their bid.
“SSUK was wound up in August 2025, with the Official Receiver administering the liquidation, including activity at the steelworks.
"Employees have been informed.”
The move was given a cautious welcome by the GMB union saying the deal needed to be one that secures the future of steelmaking in South Yorkshire.
National Secretary Charlotte Brumpton-Childs said: "This is welcome news and we look forward to engaging with the interested parties on behalf of our members. Any sale of SSUK must include due diligence which guarantees ongoing operations and stability of the sites.
"GMB members have been at the sharp end of years of uncertainty at this point - this needs to be a deal that secures the long-term future steelmaking in South Yorkshire."
Workers are on a form of furlough, with the government pumping in tens of millions to cover wages and other costs.