A Norwegian green-steel start-up has emerged as the preferred bidder for the former Liberty Steel operations in South Yorkshire, raising hopes of a long-awaited rescue for two plants that have become emblematic of Britain’s troubled heavy industry.
Blastr, a business backed by the Oslo-based renewables investor Vanir Green Industries, has entered a five-week period of exclusive negotiations with the Government’s official receiver to acquire Speciality Steel UK (SSUK), the company that owns Britain’s largest operating electric arc furnace in Rotherham and the downstream works at Stocksbridge.
The deal, if completed, would draw a line under one of the most drawn-out corporate collapses in recent British manufacturing history. SSUK has been in the hands of the official receiver since last August, when London’s High Court stripped ownership from the embattled metals magnate Sanjeev Gupta and declared the business “hopelessly insolvent”.
A successful sale would also hand ministers a rare piece of good news on the steel file. The Department for Business and Trade is already wrestling with the future of British Steel in Scunthorpe, the Chinese-owned blast furnace operation taken into state control roughly a year ago and now widely tipped for full nationalisation. Whitehall officials had privately floated the idea of bolting SSUK on to British Steel to create a single, state-shepherded speciality and long products champion, but sources suggest that option has fallen away under Blastr’s plans.
Confirmation of the exclusivity window came on Wednesday. “The official receiver will look to complete the sale at the earliest opportunity,” the Government said in a terse statement, with officials pointing to the tight five-week runway as a sign that negotiations are already well advanced.
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For Blastr, the prize is considerable, but so is the challenge. The company does not yet own or operate a single working steel plant. Its flagship project is a greenfield site in Finland, where it plans to use green hydrogen to produce low-carbon iron and steel — a technology that remains commercially unproven at scale. The business is led by Mark Bula, a steel industry veteran who has held senior roles at large producers in India and the United States, and who is understood to be the driving force behind the push into the UK.
Industry watchers expect Blastr to require substantial external financing to take the Rotherham and Stocksbridge sites across the line. Even so, insiders argue that SSUK itself is a fundamentally viable business, long throttled by the chronic shortage of working capital that plagued the wider Liberty Steel group under Mr Gupta and left the plants unable to buy raw materials consistently. Gupta, whose globe-spanning GFG Alliance has contracted sharply in recent years as cash pressures mounted, fought to retain SSUK to the last, but was eventually overruled in court.
The Rotherham electric arc furnace is a particularly strategic asset. As Britain’s largest operational EAF, it is central to any credible vision of a lower-carbon domestic steel sector and produces the kind of speciality and engineering steels used by the aerospace, defence and oil and gas industries — customers the Government is keen to keep sourcing at home.
The response from the shop floor was cautiously welcoming. Charlotte Brumpton-Childs, a national secretary of the GMB union and a former steelworker herself, said Liberty Steel employees “have been at the sharp end of years of uncertainty at this point — this needs to be a deal that secures the long-term future of steelmaking in South Yorkshire”. She added that “any sale of SSUK must include due diligence which guarantees ongoing operations and stability of the sites”, a pointed reminder that unions will scrutinise Blastr’s funding package and operational plan closely before offering unqualified support.
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For a region that has watched its steelmaking heritage erode over decades, and for a Government anxious to demonstrate that its industrial strategy can deliver more than just holding operations, the coming five weeks will be among the most consequential yet for the future of British speciality steel.
Jamie Young
Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.
When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.
Gibson Energy Inc. (GEI:CA) Shareholder/Analyst Call May 5, 2026 12:00 PM EDT
Company Participants
James Estey Nathalie Wyman Tara Hingley Riley Hicks – Senior VP & CFO Colin Gair Jon Ozirny – VP of Legal & General Counsel Cody Johnson Darcy Smith Chris Garcia Curtis Philippon – CEO, President & Non-Independent Director
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Presentation
James Estey
Okay. We’re going to start early. Good morning, and welcome to the Annual Shareholder Meeting of Gibson Energy. My name is Jim Estey, and I am the Chairman of Gibson Board. And in accordance with the bylaws of the company, I will act as chair of the meeting. Given the importance of safety within Gibson, and our culture, we will start today this meeting with a safety moment from Nathalie Wyman. That will be followed by a land acknowledgment from Tara Hingley and an introduction of the directors and officers who have joined us today. Following completion of these preliminary matters, we will then move into the formal part of the meeting during which you, our shareholders or duly appointed proxyholders will vote on the 3 matters set forth in the management information circular.
Finally, our President and CEO, Curtis Philippon, will provide a company update, which will be followed by question-and-answer period, which you, shareholders and proxyholders are invited to ask questions of the directors and the executive management. At the conclusion of our program, the directors and officers and senior management will be available in the room to answer further questions you may have. I will now call on Nathalie to provide a safety moment.
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Nathalie Wyman
Thank you, Mr. Chair. As we begin today, I would like to take a moment to acknowledge that Canadian Mental Health Week began yesterday and continues until Sunday, May 10. This year, Mental Health Week recognizes the role we all play in supporting mental health through connection. At Gibson, Mission Zero is
Utz Quality Foods is recalling certain Zapp’s and Dirty brand potato chips that were sold at retail stores nationwide, the Food and Drug Administration said.
The voluntary recall follows a notification to the company that a seasoning containing dry milk powder may contain the presence of salmonella. It was sourced from California Dairies Inc. and supplied by a third party.
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The FDA said the affected seasoning batches tested negative for salmonella prior to use, but Utz is recalling the limited varieties of chips out of an abundance of caution. The company is recalling the products based on the ingredient supplier’s recall.
No other products produced by Utz Quality Foods are affected, and “We are working in coordination with the U.S. Food and Drug Administration on this recall,” the company told FOX Business in a statement.
Utz has not received any complaints of illness in connection with the recalled products. Customers who have the affected products should not eat them and should discard them.
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Utz Quality Foods recalled products:
Zapp’s Brand Bayou Blackened Ranch Potato Chips, 1.5 oz.
Utz Quality Foods is recalling certain Zapp’s 1.5-oz. Bayou Blackened Ranch Potato Chips. (FDA)
Shares of ideaForge Technology Limited witnessed significant bulk deal activity on Tuesday, with multiple institutional investors picking up stakes in the company. Leading the transactions, BNP Paribas, through its affiliate BNP Paribas Financial Markets, bought over 5 lakh shares worth approximately Rs 39 crore at Rs 783.29 apiece.
In addition to BNP Paribas, several other investors were active on the buy side. QE Securities LLP acquired 3.4 lakh shares at Rs 779.23 per share, while NK Securities Research Private Limited picked up a similar quantity at Rs 777.94 per share, translating into deals worth around Rs 26 crore. HRTI Private Limited purchased 4.55 lakh shares at Rs 776.98 apiece, and Junomoneta Finsol Private Limited bought 3.49 lakh shares at Rs 780.2 per share.
The bulk deals were executed within a narrow price band of Rs 776 – Rs 783 per share, indicating strong demand for the stock at current levels. The concentrated buying activity highlights growing investor interest in the company, particularly amid increasing focus on defence and drone-related businesses.
Following the bulk deal activity, the stock saw strong traction in the market, reflecting positive sentiment around the counter.
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Ideaforge Technology shares ended at Rs 804.10, up by Rs 73.10 or 10% over the Monday closing price.
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Shares of ideaForge have given multibagger returns of 111% over a one-year period compared to negative 1% returns by Nifty and negative 4% by the BSE Sensex. The stock is currently trading above its 50-day and 200-day simple moving average (SMA) of Rs 457 and Rs 468, respectively, according to Trendlyne data.Also read: Adani Ports, Tata Motors and Siemens Energy witness block deal action on Monday
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
NEW YORK — Alphabet Inc. Class C shares (NASDAQ: GOOG) climbed 1.21% to $384.23 in morning trading Tuesday, May 5, extending gains from a strong first-quarter earnings report that highlighted accelerating Google Cloud growth and the company’s deepening push into artificial intelligence.
Alphabet Stock Rises as Google Cloud AI Boom Fuels Optimism in 2026
The modest advance comes days after Alphabet’s April 29 earnings release, which showed consolidated revenue rising 22% to $109.9 billion and net income surging 81% to $62.6 billion. Adjusted earnings per share reached $5.11, far exceeding expectations and sending the stock to fresh all-time highs last week.
Google Cloud delivered standout performance, with revenue jumping 63% to $20 billion — the first time the segment crossed that threshold. The cloud backlog nearly doubled sequentially to more than $460 billion, driven by enterprise AI solutions and infrastructure demand. CEO Sundar Pichai highlighted that AI is now the primary growth driver across the business.
AI Momentum Powers Results
Alphabet’s full-stack AI approach — spanning models like Gemini, custom TPUs, and enterprise tools — is paying dividends. Google Search revenue grew 19% to $60.4 billion, with AI-enhanced experiences boosting user engagement. YouTube and subscriptions also contributed strongly, while Waymo’s autonomous driving progress and investments in Anthropic added to non-operating gains.
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The company raised its 2026 capital expenditure guidance significantly, signaling aggressive investment in AI infrastructure. Analysts project even higher spending in 2027 as demand for data centers and specialized chips continues to accelerate.
Wall Street Reaction Remains Bullish
Following the earnings beat, multiple firms raised price targets. Goldman Sachs, Needham, Scotiabank, Roth Capital and others lifted targets into the $400–$450 range, citing strong AI positioning and cloud acceleration. Consensus remains firmly in Buy territory, with many viewing Alphabet as attractively valued relative to its growth prospects despite trading near highs.
The stock has been one of the top performers among major technology names in recent months, benefiting from a combination of resilient advertising, cloud strength and AI leadership. Year-to-date gains reflect growing investor confidence that Google is not only keeping pace but gaining ground in the generative AI race.
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Challenges and Risks
Regulatory scrutiny remains a factor. Ongoing antitrust cases and potential advertising changes continue to loom, though investors appear to be pricing in Alphabet’s ability to navigate these hurdles. Competition from OpenAI, Anthropic, Microsoft and others is intense, yet Google’s massive user base and infrastructure scale provide significant advantages.
Broader market dynamics also influence the stock. Easing geopolitical tensions around the Strait of Hormuz and anticipation of further corporate earnings have supported technology shares broadly. However, any slowdown in AI spending or macroeconomic shifts could pressure valuations.
Long-Term Outlook
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Alphabet’s diversified portfolio — Search, YouTube, Cloud, Waymo and emerging bets — positions it well for continued growth. The company maintains a fortress balance sheet with substantial cash reserves, enabling both heavy investment and shareholder returns through dividends and buybacks. A recent 5% dividend increase underscores confidence in future cash flow.
Analysts project sustained double-digit revenue growth, with cloud and AI segments leading the way. Successful execution on Gemini advancements, autonomous driving milestones and enterprise adoption could drive further upside. Some forecasts see the stock reaching $450 or higher within 12 months if current momentum holds.
Investor Considerations
Tuesday’s modest gain reflects digestion after last week’s sharp post-earnings move. For long-term investors, Alphabet offers exposure to multiple secular tailwinds: digital advertising, cloud computing and artificial intelligence. Its scale, data advantage and engineering talent create wide competitive moats.
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Short-term traders may see volatility around upcoming events, including further regulatory developments and quarterly updates. Valuation remains elevated on traditional metrics, but many argue forward-looking AI growth justifies the premium. Dollar-cost averaging or waiting for pullbacks could appeal to those building positions.
As of mid-morning trading, the broader market showed mixed sentiment, with the Dow Jones Industrial Average also advancing modestly. Alphabet’s performance continues to stand out within the Magnificent Seven group, underscoring its resilience and strategic focus.
The coming months will test whether Alphabet can convert its substantial AI investments into sustained market leadership and profitable growth. For now, investors are rewarding the company’s execution and forward momentum in one of technology’s most critical battlegrounds.
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