【SMM Steel】UK investor eyes British Steel buy to form big EU metals group

Published: Feb 6, 2026 11:14

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【SMM Steel】UK investor Michael Flacks is keen to buy British Steel and merge it with an Italian plant to create a major EU metals group. His firm, Flacks Group, is working with bankers to bid for the state-controlled Scunthorpe site. It has struggled amid Chinese oversupply. After multiple ownership changes, the UK govt intervened last year. A buyer must invest heavily to replace old furnaces with EAF tech and tackle £700k daily losses. Flacks is already negotiating to buy Italy's ex-Ilva plant with €5bn funding. The goal is to combine them and leverage European preference for local steel.

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