The UK Insolvency Service will begin exclusive negotiations with the preferred bidder for Speciality Steel UK (SSUK) in South Yorkshire. The official administrator said the negotiation period will last five weeks, with the aim of completing the sale as soon as possible.

SSUK has been under administration since August 2025, after former owner Sanjiv Gupta lost ownership in the High Court of London. Norwegian startup Blastr is considered the leading contender, targeting the UK’s largest electric arc furnace in Rotherham and facilities in Stocksbridge.

Blastr, owned by Vanir Green Industries, currently operates no steel mills but is developing a green hydrogen-based project in Finland. The company is expected to secure financing to complete the acquisition.