Speciality Steel UK: Insolvency

Julian Lewis Excerpts

Tuesday 2nd September 2025 Commons Chamber

[Sarah Jones]

Of course. I share that gratitude for those amazing colleagues who stand up for what they know to be right and sensible. We are protecting not something that is not worth protecting, but something that has a vibrant and viable future; that is what we are working towards. We are working closely with the South Yorkshire mayoral combined authority and the Mayor. In broader advanced manufacturing in the region, including the innovation district and research centre, there is a huge wealth of expertise and talent that we can build on.

[Sir Julian Lewis (New Forest East) (Con)]

I am grateful to the Minister for the frankness of her statement. She says that the director of the company is under investigation for suspected fraud, fraudulent trading and money laundering. Can she reassure the House that that will not in any way hold up the Government in taking any remedial steps that they need to take in support of the industry and its workforce? For background knowledge, will she tell the House precisely what sort of specialisms this plant offers, given that it names itself a Speciality Steel enterprise?

[Sarah Jones]

The right hon. Gentleman should perhaps go for a tour and see what the speciality is, but it is defence, aerospace and industrial engineering on the Stocksbridge site. The Rotherham site has two electric arc furnaces, which feed the Stocksbridge site, and there is huge expertise there. There are a number of other sites that feed various sectors, such as the automotive industry, hydraulics and a whole range of others. There are a range of specialisms.

On the investigation, the official receiver will look at what is true and what is not, because there have not been any accounts published for many years. They will establish what has happened. The Secretary of State has written to the Insolvency Service today to ask it to take special account of the Serious Fraud Office investigation, and to pass over any information it uncovers to the Serious Fraud Office, so that it can do its work.