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Blastr in Exclusive Talks to Buy Former Liberty Steel Sites in South Yorkshire

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Stainless steel 1.4542, which is also referred to as 17-4PH or AISI 630, is a high-performance material with broad recognition for its strength, hardness, and moderate level of corrosion resistance.

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 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.

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A Career Built on Discipline and VisionRon Yeffet’s story begins in Jerusalem, Israel, where he was born in 1966. His early years were shaped by structure and responsibility. At 18, he entered the Israeli Defense Forces and served for 37 months as a Major Sergeant in the Artillery and Bomb Squad Unit.That experience left a lasting mark.“Discipline is not something you turn on later,” Yeffet says. “It becomes part of how you think and act every day.”After completing his service, he made a defining move. He traveled to the United States to begin his career as an entrepreneur. It was a step that would eventually lead to projects across four continents.

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Yeffet’s early work in New York City real estate laid the foundation for everything that followed. Over the next 25 years, he would own and manage the development of multiple projects across the U.S., Israel, Europe, and Africa.His work is not limited to one type of project. It spans concrete superstructures, energy supply systems, power plants, and major roadways.“I never wanted to stay in one lane,” he explains. “Every project teaches you something new, and that knowledge compounds over time.”This broad scope helped him stand out in a competitive industry. While many developers focus on one region or niche, Yeffet built a portfolio that crosses borders and sectors.His approach is rooted in planning and execution. He emphasizes details and teamwork at every stage.“If the plan is weak, the outcome will be weak,” he says. “Strong planning allows the team to execute with confidence.”

Leadership Style: Planning, Precision, and Execution

One of the defining traits of Yeffet’s career is consistency. Across different countries and industries, his methods remain the same.He focuses on preparation, discipline, and collaboration.“Great projects are never done alone,” he says. “You need the right people, and you need to trust them.”This mindset has helped him manage large-scale developments, including infrastructure projects in Africa. These projects often involve complex coordination with governments, partners, and local communities.His ability to navigate these challenges has led to long-term relationships with government bodies around the world.“Relationships are built on trust and results,” Yeffet explains. “If you deliver consistently, people want to work with you again.”

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While many know Yeffet for real estate, his work in infrastructure is just as significant. His projects include energy supply systems and power plants, as well as roadways that support growing cities.These projects require a different level of planning. They often impact entire regions, not just individual properties.“You have to think about the bigger picture,” he says. “It’s not just about building something. It’s about how that project will serve people over time.”This perspective has shaped his reputation as a leader who looks beyond short-term results. His projects are designed to create lasting impact in the communities they serve.

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Yeffet’s influence extends beyond business. He has played a key role in developing Jewish communal life in the Balkans.Before 2010, organized Jewish life in parts of the region was limited. Yeffet helped establish Or Itzhak communities in Albania and Thessaloniki, creating spaces for cultural and religious connection.“When you build a community, you are building something that lasts beyond you,” he says.These efforts were not one-time initiatives. They grew into sustainable, community-driven institutions that continue to evolve.His work in this area reflects a broader philosophy.“Success is not just about projects,” Yeffet explains. “It’s about the people those projects serve.”

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Over time, Yeffet’s work has gained global recognition. His experience across multiple regions has led to partnerships with government bodies and organizations.One of the most notable acknowledgments of his work is his role as Honorary Council for Senegal in Israel.This position highlights his involvement in strengthening social, economic, and civic ties between regions.“Opportunities often come from relationships,” he says. “When you invest in people and partnerships, doors open.”

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Today, Yeffet continues to lead with the same principles that shaped his early career. He focuses on growth, execution, and long-term impact.His philosophy remains simple.“Stay disciplined. Stay focused. And always think about the bigger picture,” he says.Looking back, his journey shows how consistent values can scale across industries and borders. From his early days in Jerusalem to large-scale projects around the world, Yeffet has built a career defined by structure, adaptability, and vision.And while the scope of his work has grown, his approach has stayed the same.“At the end of the day, it’s about doing the work the right way,” he says. “Everything else follows from that.”

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UK’s third largest steelworks moves closer to sale after Official Receiver agrees exclusivity period with preferred bidder for former Liberty Steel business

Liberty Specialist Steel's site in Rotherham

Specialist Steel’s site in Rotherham(Image: Getty Images)

Britain’s third largest steelworks has edged closer to a sale following Government intervention after it went into liquidation last year.

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Last August, the state’s Official Receiver assumed control of Speciality Steel – formerly part of Sanjeev Gupta’s Liberty Steel empire – after it was forced to liquidate by the High Court.

On Wednesday, the Official Receiver, an arm of the Insolvency Service, confirmed it has entered into an exclusivity agreement with a “preferred bidder” for Speciality Steel UK (SSUK). The identity of the bidder has not been disclosed.

The Official Receiver stated that the process, designed to secure a formal sale, is anticipated to take approximately five weeks as the preferred bidder advances with their offer.

Output at the business, which operates sites across Stocksbridge and Rotherham in South Yorkshire, and Wednesbury in the West Midlands, has been suspended in recent months.

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Speciality Steel employs around 1,300 workers, a significant number of whom have been placed on furlough with reduced wages.

Roy Rickhuss, general secretary of the Community union, said: “This is an important moment, and we hope that this milestone – following on from the Government’s intervention last autumn – will help end the long period of uncertainty which our members at SSUK have endured.

“We look forward to meeting with the preferred bidder as soon as possible to hear more about their plans for securing jobs and investing in the business.

“SSUK’s sites are vital strategic assets, and with the right plan in place the business can have a bright future.”

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Exeter Chiefs are set for US investment as Prem Rugby interest ramps up

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Exeter Chiefs are poised to become the latest in a wave of Premiership Rugby clubs to secure fresh investment, with American backing anticipated at Sandy Park.

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An extraordinary general meeting is scheduled for next month to vote on proposals that would see an unnamed US backer make a multimillion-pound investment in the Devon club.

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