A Steel plant which makes parts for Royal Navy submarines will be nationalised in a £2.56million deal with the Ministry of Defence.
The Government plans to pump £400m into Sheffield Forgemasters, which traces its roots back to the 1750s and supplies crucial components for the Trident nuclear fleet.
The MoD announced it had “launched an offer to acquire Sheffield For gemasters International Limited allowing HM Government to refinance the company and secure the supply of components for the MoD’s critical existing and future UK defence programmes”.
It called the South Yorkshire plant “defence critical”.
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