Business
UK’s third largest steelworks collapses putting 1,450 jobs at risk
The government has taken control of the UK’s third largest steelworks in a bid to save 1,450 jobs at the site.
The high court confirmed on Thursday that Speciality Steel – previously part of Sanjeev Gupta’s Liberty Steel business – would face a compulsory liquidation.
The operation, which has plants in Rotherham and Stocksbridge in South Yorkshire, will be placed into the hands of the Official Receiver and special managers from advisory firm Teneo.
Ongoing wages and costs to keep the plant running will be covered by the Government until a buyer is found.
However, bosses at Speciality Steel said the move to wind up the business is “irrational”.
Jeffrey Kabel, chief transformation officer said: “The decision to push Speciality Steel UK into compulsory liquidation, especially when we have support from the world’s largest asset manager to resume operations and facilitate creditor recovery is irrational.
“The plan that GFG (Sanjeev Gupta’s parent business) presented to the court would have secured new investment in the UK steel industry, protecting jobs and establishing a sustainable operational platform under a new governance structure with independent oversight.
“Instead, liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers for settlements and related expenses, despite the availability of a commercial solution.”
GFG said it will put forward a bid to retake control of the business alongside debt and equity partners and present this to the Official Receiver.
A government spokesperson said: “We know this will be a deeply worrying time for staff and their families, but we remain committed to a bright and sustainable future for steelmaking and steel making jobs in the UK.
“It is now for the independent Official Receiver to carry out their duties as liquidator, including ensuring employees are paid, while we also make sure staff and local communities are supported.”
UK Steel director general Gareth Stace said: “UK Steel welcomes the Government’s recognition of the importance of the Liberty Speciality Steel assets and hopes that a new owner is found quickly and can inject the investment and working capital required to return production volumes to previous levels.
“The assets produce high quality, specialist steels that serve high value markets.
“The low production levels of recent years have left significant holes in the domestic supply chain that have been filled by imports.
“We hope to see these holes quickly filled by UK-made steel.”
A spokesman for steelworkers’ union Community said: “These are worrying developments, and we are seeking clarification on what this means for our members and their livelihoods.
“Jobs must be protected, and these sites – which are vital strategic assets – need to resume production as soon as possible.”
Shadow business secretary Andrew Griffith blamed situation on “Labour’s ruinously high energy costs driven by net zero dogma”.
Business
Noida International Airport inauguration: Delhi-NCR gets new airport – all you need to know – The Times of India
NEW DELHI: Prime Minister Narendra Modi on Saturday inaugurated Phase I of the Noida International Airport at Jewar in Uttar Pradesh, marking a significant milestone in India’s expanding aviation infrastructure.PM Modi was accompanied by Uttar Pradesh chief minister Yogi Adityanath and Governor Anandiben Patel.
Developed at an investment of around Rs 11,200 crore under a Public–Private Partnership (PPP) model, the project is expected to enhance both regional and international connectivity for the National Capital Region (NCR).The airport is being positioned as a key addition to India’s aviation network, aimed at easing pressure on existing infrastructure while supporting the country’s ambition of becoming a global aviation hub.
Second international gateway for Delhi NCR
Noida International Airport has been developed as the second international gateway for Delhi NCR, complementing the existing Indira Gandhi International Airport, which currently handles the majority of the region’s air traffic.
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With rising passenger demand and capacity constraints at IGI Airport, the new facility is expected to play a crucial role in distributing traffic more efficiently.Together, the two airports will function as an integrated aviation system, helping reduce congestion, improve connectivity, and enhance the region’s standing among leading global aviation hubs.
Phase I capacity and future expansion plans
Phase I of the airport is designed to handle 12 million passengers per annum (MPPA), providing immediate relief to the region’s growing air travel demand.The project has been planned with scalability in mind, with provisions to expand capacity to 70 million passengers annually in subsequent phases. This long-term vision reflects the government’s strategy to future-proof infrastructure and accommodate sustained growth in air travel.
Modern infrastructure and all-weather operations
The airport features a 3,900-metre runway capable of handling wide-body aircraft, making it suitable for both domestic and international long-haul operations.
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Equipped with advanced navigation systems such as the Instrument Landing System (ILS) and modern airfield lighting, the facility is designed to support efficient, all-weather, round-the-clock operations. These features ensure operational reliability even under challenging weather conditions.
Cargo hub and logistics ecosystem
In addition to passenger services, the airport includes a comprehensive cargo ecosystem aimed at strengthening logistics and trade.The Multi-Modal Cargo Hub comprises an Integrated Cargo Terminal and dedicated logistics zones, with an initial handling capacity of over 2.5 lakh metric tonnes annually. This capacity is expected to expand significantly to around 18 lakh metric tonnes in the future, positioning the airport as a major cargo and logistics centre in North India.
Dedicated MRO facility to enhance efficiency
A key component of the airport’s infrastructure is a 40-acre Maintenance, Repair and Overhaul (MRO) facility.This dedicated facility is expected to improve operational efficiency by enabling airlines to service and maintain aircraft locally, reducing turnaround times and operational costs. It also strengthens India’s capabilities in aviation maintenance services.
Sustainability and future-ready design
Noida International Airport has been designed as a sustainable and future-ready infrastructure project, with a focus on achieving net-zero emissions.The project incorporates energy-efficient systems and environmentally responsible practices, aligning with India’s broader climate goals. The airport’s development reflects a growing emphasis on green infrastructure in large-scale projects.
Architecture inspired by Indian heritage
Blending modern infrastructure with cultural aesthetics, the airport’s architectural design draws inspiration from traditional Indian elements such as ghats and havelis.This approach aims to create a distinctive identity for the airport while offering passengers a sense of place rooted in Indian heritage.
Strategic location and multi-modal connectivity
Strategically located along the Yamuna Expressway in Gautam Buddha Nagar district, the airport is planned as a multi-modal transport hub.It will feature seamless integration with road, rail, metro and regional transit systems, ensuring smooth connectivity for passengers and cargo. This connectivity is expected to significantly improve accessibility for travellers across Delhi NCR and neighbouring regions.
Boost to India’s aviation ambitions
The inauguration of Phase I of Noida International Airport is being seen as a major step in strengthening India’s aviation ecosystem.By expanding capacity, improving connectivity, and integrating modern infrastructure with sustainability, the project is expected to play a key role in positioning Delhi NCR as a major global aviation hub while supporting economic growth and regional development
Business
Iran permits 2 Pakistani cargo ships to pass through Strait of Hormuz | The Express Tribune
Iran has permitted two Pakistani cargo ships to transit through the Strait of Hormuz, sources in the Ministry of Maritime Affairs confirmed on Saturday.
The vessels, Multan and P-Akili, which were previously held after Iranian forces took control of the strait — a key global oil supply route — have now crossed and are en route to Karachi. They are expected to dock at Karachi port on March 31, a source familiar with the matter said.
Multan is a general cargo ship, while P-Akili is carrying over 80 million litres of crude oil. Sources added that Iranian authorities not only allowed the vessels to pass but also provided an escort until they cleared the strait’s flashpoint line.
Read: Global poll says Iran war leaves US increasingly isolated internationally
This move comes amid ongoing mediation efforts by Islamabad, in coordination with Turkiye and Egypt, to curb the escalating conflict in the Middle East.
It is the second time Tehran has permitted a Pakistani ship to pass through the Strait of Hormuz since the conflict began on February 28. Previously, a Pakistani oil tanker transited the strait on March 16.
The Middle East region remains on high alert following the joint US-Israel offensive on Iran that began on February 28, which has resulted in over 1,900 deaths, including then-Supreme Leader Ali Khamenei.
Tehran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets, causing casualties, infrastructure damage, and disruption to global markets and aviation.
Butter, chocolate, coffee and milk have all seen prices rocket. Tracing back through the story of one particular supermarket staple begins to explain why
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