The United Kingdom is entering into exclusive negotiations regarding the sale of Liberty’s former assets

The UK Insolvency Service will begin exclusive negotiations with the preferred bidder for the former Liberty Steel assets—the Speciality Steel UK (SSUK) business in South Yorkshire. This was reported by The Guardian.

The official administrator stated that the exclusive negotiation period will last five weeks, and he aims to complete the sale as soon as possible.

Speciality Steel UK (SSUK) has been under the control of the official administrator since August 2025, after the previous owner, Sanjiv Gupta, lost ownership in the High Court of London.

The Norwegian startup Blastr is believed to be the leading contender, eyeing the UK’s largest electric arc furnace in Roterm and other facilities in Stoksbridge.

As The Guardian notes, Blastr is owned by Vanir Green Industries, a Norwegian investor in renewable industries. The company does not yet operate any steel mills, although it is developing a site in Finland to use green hydrogen for the production of pig iron and steel.

The Norwegian startup will likely have to secure financing to acquire SSUK’s assets, but this will allow Blastr to grow rapidly. Insiders in the British steel industry have long viewed Speciality Steel UK as a viable business that was hampered by Liberty Steel’s chronic lack of working capital to purchase raw materials.

As a reminder, it was reported in March that the UK plans to take economic control of British Steel from its Chinese owner, Jingye—one year after the government assumed management of the company.