UK Government Takes Control of Sanjeev Gupta Steel Assets (2)

The UK took control of one of the country’s largest steelworks after a firm owned by the beleaguered tycoon Sanjeev Gupta was forced into liquidation.

A London judge ordered that Speciality Steel UK Ltd., which employs around 1,500 people in Yorkshire, should be put into liquidation on Thursday. The judge approved the government appointment of special managers to continue running the business. It will also provide the funding to keep the firm, which is losing around £9 million ($12.1 million) a month, afloat.

“It is quite plain that the company is hopelessly insolvent,” Judge James Mellor said on Thursday. He ...