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Speciality Steel UK to be nationalised by government

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Speciality Steel UK to be nationalised by government

The government is developing a plan to nationalise Speciality Steel UK (SSUK), the country’s third-largest steelworks, after deciding against backing the preferred bidder for the business, Business Secretary Jonathan Reynolds has told the House of Commons.

SSUK, previously part of Liberty Steel, employs about 1,300 people at sites in Stocksbridge and Rotherham in South Yorkshire and Wednesbury in the West Midlands. The government took control of the company last year after it was forced into liquidation by the High Court.

Reynolds told MPs that a bidder had come forward earlier this year, but the government had decided against supporting it. He cited “serious concerns” over the proposed financing of the deal and “protections for UK taxpayers”.

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Ministers had therefore decided that the government would plan its own formal acquisition of the business, he said.

Production paused

Production at SSUK was paused several months ago, and staff have been placed on furlough on reduced wages.

In a press release published yesterday, the government said the company operates four sites, in Rotherham, Stocksbridge, Brinsworth and Wednesbury, which produce specialist steel for the aerospace, defence and advanced manufacturing sectors. It said the lead bidder’s proposal could not provide “the long-term stability, certainty and value for money that workers, communities and taxpayers deserve”.

According to the government, SSUK entered liquidation in August 2025, following financial difficulties linked to the collapse of lender Greensill Capital in 2021. The government did not name the bidder. Business Matters reported in April that Norwegian green-steel start-up Blastr had entered exclusive negotiations to acquire the South Yorkshire works.

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Reynolds told the Commons: “Having concluded that we cannot support the preferred bidder’s proposal, we are faced with a choice.

“We can allow events to take their course through the liquidation process and risk being left with no say in the future of these sites, or we can act.

“We will therefore engage with the official receiver sale process and develop a proposal for the public acquisition of SSUK.

“This will preserve strategic control and ensure that all credible future opportunities can be properly considered before irreversible decisions are taken.”

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Funding and next steps

Reynolds said future decisions and spending commitments relating to the business would be “subject to detailed due diligence and funded from existing government budgets”.

He added: “Working towards public acquisition will create the necessary time and space to undertake a full assessment of the opportunities available.

“It will let us consider future industrial use, regeneration opportunities and the role that specialist manufacturing capabilities could play in supporting growth and our national resilience.”

The government said it would work with the Official Receiver and the South Yorkshire Mayoral Combined Authority on the next steps. In the release, Reynolds said the approach would “keep options open while we work with local leaders, workers, industry and investors”.

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In a message to workers, Reynolds said: “I will do all I can to secure a bright future for you, your communities and your families.”

The move follows a long period of uncertainty at the business. When Liberty Speciality Steel collapsed into government receivership in August 2025, UK Steel’s Gareth Stace said: “We hope a new owner is found quickly who can inject the investment and working capital required to return production volumes to previous levels.”

The government has said a Serious Fraud Office investigation is under way into suspected fraud linked to Greensill Capital financing.

Responding to the announcement, Unite general secretary Sharon Graham said: “This is a critical move.

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“The government is listening to Unite and is acting to protect jobs. Now we need to get on and nationalise the company.”

Jamie Young
About the author

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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Building a Career on Service and Integrity

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Building a Career on Service and Integrity

From emergency scenes to hospital hallways, classrooms, and military service, Schmidt has spent decades preparing for situations where every decision matters.

Based in Tyler, Texas, Schmidt has built a career across emergency medicine, nursing, fire service, law enforcement, and emergency management. Along the way, he has earned a long list of professional licenses and certifications. Yet he believes his greatest achievement is much simpler.

“The legacy you leave your kids and family is what matters most,” Schmidt says. “Everything else comes after that.”

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That mindset has guided his work from the beginning.

How Edward Schmidt Built a Career in Emergency Medicine

Schmidt’s career has never followed a straight line. Instead, each role added another layer of knowledge.

He became a licensed paramedic, later earned his Registered Nurse credentials, and expanded into EMS instruction. He also served as a Texas firefighter and Texas peace officer before continuing his work in healthcare and emergency response.

His education never stopped. Schmidt completed advanced certifications in trauma care, pediatric life support, tactical medicine, hazardous materials, critical incident stress management, emergency management, and numerous FEMA training programs. He also completed military training with the Texas State Guard, graduating with honors in multiple leadership courses.

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For Schmidt, learning has always been part of the job.

“Keep learning new things,” he says. “If you stop learning, you stop growing.”

That attitude has helped him stay current in fields where standards, technology, and best practices constantly evolve.

Why Continuous Learning Matters in Healthcare Leadership

Healthcare and emergency response leave little room for complacency. Procedures change. Equipment improves. New challenges appear.

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Schmidt believes professionals have a responsibility to keep improving, not only for themselves but for the people who depend on them.

His credentials reflect that commitment. He has served as an instructor for Advanced Cardiac Life Support (ACLS), Basic Life Support (BLS), Pediatric Advanced Life Support (PALS), and Trauma Nursing Core Course (TNCC). Teaching has become just as important as practicing.

“When you can teach others along the way and they succeed, that’s one of the best parts of the job,” Schmidt says.

Watching students become confident professionals gives him a different kind of satisfaction than earning another certification.

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What Leadership Means to Edward Schmidt

Many people define leadership by titles. Schmidt defines it by consistency.

Throughout his career, he has worked in high-pressure environments where preparation, communication, and accountability directly affect outcomes.

His approach begins with integrity.

“Integrity is doing the right thing even when nobody is watching,” he says.

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That philosophy extends beyond emergency response. Whether working with patients, training future providers, or serving alongside fellow professionals, Schmidt believes trust is earned through actions repeated over time.

He also values organization and discipline.

“Time management is one of the biggest skills anyone can develop,” he says. “If you manage your time well, you can accomplish much more than you think.”

Overcoming Challenges Through Persistence

Like many successful professionals, Schmidt’s career has included obstacles.

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One challenge he openly discusses is dyslexia. Rather than allowing it to define him, he learned how to adapt and keep moving forward.

He also believes that failure can become one of the best teachers.

“If you fail at a task, stick with it until you accomplish it,” Schmidt says.

That perspective reflects years spent working in demanding professions where persistence often makes the difference between success and failure.

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He credits much of his character to his grandfather, William Earl Hudson, who raised him and taught him values that continue to guide his decisions today.

Those lessons shaped his belief that character is built over time through consistent effort.

Military Service Reinforced a Lifetime of Discipline

Schmidt’s commitment to service continued through the Texas State Guard.

His military record includes honors in Basic Operation Training, Officer Candidate School, Officer Basic Course, Direct Commission Officer Course, and Military Emergency Management. He also received multiple Texas Medal of Merit awards, the Texas Meritorious Service Medal, and the Texas State Guard Service Medal.

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Rather than viewing those recognitions as personal accomplishments, Schmidt sees them as reminders of responsibility.

Leadership, he believes, is about remaining dependable when others are counting on you.

Edward Schmidt’s Lasting Impact on Healthcare and Emergency Response

Today, Schmidt continues to represent a career built on preparation, education, and service.

His work spans emergency medicine, nursing, instruction, emergency management, and military service, giving him a broad perspective on how different parts of public safety work together.

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Outside of work, he enjoys golfing and spending time with his children and friends. Those moments provide balance after years spent in demanding professions.

Looking back, Schmidt measures success differently than many people might expect.

Awards and certifications are meaningful, but they are not the destination.

Instead, he returns to the same principle that has guided him throughout his career.

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“Leave a legacy your family can be proud of,” he says.

For Edward Schmidt, leadership has never been about recognition. It has been about serving others, continuing to learn, and helping the next generation succeed. Those values continue to define both his career and the example he hopes to leave behind.

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Cochin Shipyard shares tumble 12% over 2 sessions. Should you buy after multibagger corrects 26% in a year?

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Cochin Shipyard shares tumble 12% over 2 sessions. Should you buy after multibagger corrects 26% in a year?
Shares of Cochin Shipyard dropped another 3% on Tuesday, extending sharp losses for the second consecutive session after management commentary during a recent analyst call spooked investors.

Cochin Shipyard shares fell to Rs 1,336 apiece on Tuesday morning. The stock crashed over 9% on Friday, recording its worst single-day plunge in more than two years. Overall, the stock has fallen more than 12% in just two straight sessions.

The sharp drop in the defence major’s share price was triggered after the company’s management, during an analyst conference call on Thursday, indicated that it is aiming for an EBITDA margin of 14% over the next two financial years, Business Standard reported. This is sharply lower than the 24% EBITDA margin reported for FY26.

Also read |Dividends and stock splits: Hindustan Copper, Cochin Shipyard among 200+ stocks with record dates this week. Check full list

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ICICI Direct highlighted that Cochin Shipyard’s management expects FY27 revenue growth to stand at around 12-15%, supported by improving execution across shipbuilding and ship repair, with the company targeting 10 vessel deliveries during the year. The current order book stands at around Rs 22,000 crore, providing strong medium-term revenue visibility, and the order pipeline remains strong across both defence and commercial shipbuilding, the brokerage said.


It noted that the management expects FY27 operating cash flow to turn positive, supported by higher vessel deliveries and milestone-based collections as execution accelerates, and remains confident of sustaining growth over the medium term, supported by a combination of strong order visibility, improving execution, new shipbuilding capacity and the scaling up of the ship-repair business.
The domestic brokerage has a ‘Hold’ call on the shares of Cochin Shipyard with a target price of Rs 1,590 apiece, implying more than 15% upside potential from the stock’s previous closing price of Rs 1,381 apiece.

Cochin Shipyard and Drydocks World form joint venture

Drydocks World, a DP World company, and Cochin Shipyard last week announced the signing of a joint venture agreement to operate and expand the International Ship Repair Facility (ISRF) Cochin. The deal builds on the Memorandum of Understanding (MoU) signed by Drydocks World (DDW) and the Indian defence major during India Maritime Week 2025, under which the two organisations agreed to explore opportunities for collaboration in ship repair and allied maritime services

Under the arrangement, the joint venture will operate, consolidate and expand the International Ship Repair Facility (ISRF) in Cochin, creating additional capacity to service a wider range of vessels and meet the growing requirements of Indian, regional and international customers.

The partnership is expected to strengthen Cochin’s position as a maritime services hub, while creating opportunities across ship repair, engineering, fabrication and associated maritime services in Kerala.

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Also read |Cochin Shipyard Ltd and Drydocks World form joint venture to strengthen India’s ship repair industry

Cochin Shipyard share price

Cochin Shipyard shares have fallen around 12% in a week and 10% in a month, overall being down 17% in 2026 so far. The stock has overall fallen more than 25% in one year.

In the longer term, Cochin Shipyard shares have delivered multibagger returns of around 144% in three years and 628% in five years. The company has a market capitalisation of around Rs 35,453 crore.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript