According to report, the UK government said it will step into control of Liberty Steel’s unit after this business was placed for liquidation after a petition from its creditors.

The Yorkshire-based Specialty Steel UK, which is of biggest steelworks in UK, was approved by the High Court to be placed into compulsory liquidation and described as “hopelessly insolvent.”

The government would bear the costs of the business as it tried to look for a buyer. Also, the government will appoint liquidators and managers from consultancy Teneo. This business has 1450 employees and makes steel for sectors including aerospace, defense and power generation. This marks the second major intervention in the UK steel industry this year, following the government’s attempt to take control of British Steel’s Scunthorpe plant in April.