BlackRock, the world’s largest asset manager, is supporting Sanjeev Gupta’s effort to keep control of Liberty Steel’s Speciality Steels UK (SSUK), which employs nearly 1,500 people in South Yorkshire. Sources told Sky News that BlackRock’s private capital funds are prepared to provide up to £75 million to assist SSUK.

Gupta is reportedly preparing a connected pre-pack administration to shed hundreds of millions in tax and other liabilities. Liberty Steel operates plants in Sheffield, Rotherham, and Bolton, producing steel for aerospace, automotive, and energy sectors. Despite investing nearly £200 million in recent years, the company has struggled with high energy costs and cheap imports.