The move, which comes after a court-approved liquidation of Speciality Steel, is meant to preserve jobs and domestic manufacturing.

Sanjeev Gupta, the metals tycoon who saw his main UK business forced into insolvency this week, is facing a struggle to secure the funding required for a competitive bid to regain control of it.

South Yorkshire-based Speciality Steel UK, Britain’s third largest steelworks and a significant part of Sanjeev Gupta’s GFG Alliance, has been put under government control. The company comprises two plants in Rotherham and Stocksbridge.

Metals magnate Sanjeev Gupta is lining up a last-ditch bid to retain control of his ailing UK steel empire with the help of investment giant BlackRock.

The metals tycoon Sanjeev Gupta is plotting to hand control of his remaining UK steel operations to his family in a bid to stave off their collapse into compulsory liquidation and a government-orchestrated fire-sale.

Government’s Official Receiver files application to appoint ‘special manager’ if business goes into liquidation

Indian industrialist says Greensill Capital holds security over debts paid more than two years ago and is blocking the refinancing of his coal mine.

The Financial Times highlights critical issues in the UK, including potential insolvency in Sanjeev Gupta's Liberty Steel and impending strikes at Airbus over pay. Additionally, North Sea oil operators urge a reevaluation of windfall tax as oil prices decline significantly.