UK's third-largest steelworks collapses into government control

The UK's third-largest steelworks, part of the Liberty Steel metals empire, has collapsed into government control, affecting nearly 1,500 workers in Rotherham and Sheffield. Insolvency courts granted a winding-up order sought by creditors owed millions by Speciality Steels UK. The government will now manage the company's operations and finances while seeking a buyer, as Liberty Steel's future remains uncertain amidst financial turbulence. The move comes amid ongoing challenges in the steel industry, including high energy prices and trade uncertainties.