News: Norwegian firm reportedly in running for Rotherham steel plant
A Norwegian firm that specialises in ultra-low CO₂ steel is among the bidders in talks to buy Speciality Steels UK (SSUK), reports Sky News.
Last August, a judge approved an application from creditors to place SSUK, previously part of Liberty Steel and GFG Alliance, into compulsory liquidation. Teneo Financial Advisory Limited have been brought in as Special Managers whilst a formal sale process takes place.
The government has committed £50m to date to keep the sites in Rotherham and Stocksbridge open whilst the bidding process takes place. Multiple companies came forward with the governmment confident a buyer can be found.
The Times reported last month on a shortlist of bidders obtained from "sources familiar with the situation."
Five potential new owners were listed by the paper including: 7 Steel; Aperam; Arabian Gulf Steel Industries; EIG Global Trust; and Evore Steel.
Sky News reports that Blastr is another name on the shortlist.
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The Blastr website says that it is developing a "vertically integrated, low-cost steel value chain that redefines how steel can be produced. By replacing coal and coke with clean hydrogen, we aim to drastically reduce CO₂ emissions while maintaining the strength and reliability that make steel indispensable."
Development plans include a pellet operation in the UK and a hydrogen Direct Reduced Iron (DRI) / Electric Arc Furnace (EAF) complex in Finland.
Last year Sarah Jones, the then Minister of State for Industry updated the House of Commons regarding a meeting with Blastr, which was looking to build an iron pellet plant at the Port Talbot site in Wales.
The Rotherham site includes two electric arc furnaces (EAFs). The first casts at Aldwarke were produced in 1964. The N-Furnace, which was installed in 1993, is the larger of the two EAFs and was mothballed in 2015 at the height of the global steel crisis. Liberty reignited the N-Furnace in 2018 and the 800,000-tonne-a-year capacity furnace turns scrap metal into specialised steels for uses such as vehicle gearboxes or aircraft landing gear.
Despite getting into financial difficulties, Liberty had developed a "Greensteel" plan that aimed to recycle and upcycle the growing mountain of scrap steel, using EAFs powered by renewable energy. The firm aimed to take EAF melting capacity at Rotherham to 2 million tonnes per annum quickly and cost effectively, and with significantly lower emissions compared with coal-based blast furnaces.
None of the companies have so far commented on the reports.
Blastr website
Images: Google Maps
Last August, a judge approved an application from creditors to place SSUK, previously part of Liberty Steel and GFG Alliance, into compulsory liquidation. Teneo Financial Advisory Limited have been brought in as Special Managers whilst a formal sale process takes place.
The government has committed £50m to date to keep the sites in Rotherham and Stocksbridge open whilst the bidding process takes place. Multiple companies came forward with the governmment confident a buyer can be found.
The Times reported last month on a shortlist of bidders obtained from "sources familiar with the situation."
Five potential new owners were listed by the paper including: 7 Steel; Aperam; Arabian Gulf Steel Industries; EIG Global Trust; and Evore Steel.
Sky News reports that Blastr is another name on the shortlist.
Advertisement
The Blastr website says that it is developing a "vertically integrated, low-cost steel value chain that redefines how steel can be produced. By replacing coal and coke with clean hydrogen, we aim to drastically reduce CO₂ emissions while maintaining the strength and reliability that make steel indispensable."
Development plans include a pellet operation in the UK and a hydrogen Direct Reduced Iron (DRI) / Electric Arc Furnace (EAF) complex in Finland.
Last year Sarah Jones, the then Minister of State for Industry updated the House of Commons regarding a meeting with Blastr, which was looking to build an iron pellet plant at the Port Talbot site in Wales.
The Rotherham site includes two electric arc furnaces (EAFs). The first casts at Aldwarke were produced in 1964. The N-Furnace, which was installed in 1993, is the larger of the two EAFs and was mothballed in 2015 at the height of the global steel crisis. Liberty reignited the N-Furnace in 2018 and the 800,000-tonne-a-year capacity furnace turns scrap metal into specialised steels for uses such as vehicle gearboxes or aircraft landing gear.
Despite getting into financial difficulties, Liberty had developed a "Greensteel" plan that aimed to recycle and upcycle the growing mountain of scrap steel, using EAFs powered by renewable energy. The firm aimed to take EAF melting capacity at Rotherham to 2 million tonnes per annum quickly and cost effectively, and with significantly lower emissions compared with coal-based blast furnaces.
None of the companies have so far commented on the reports.
Blastr website
Images: Google Maps
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