LONDON, Aug 21 (Reuters) - The British government said it will take control of a part of Liberty Steel, owned by commodities tycoon Sanjeev Gupta, after the business was placed into liquidation following a petition from its creditors on Thursday.

A judge at London’s High Court approved the petition for Yorkshire-based Speciality Steel UK, one of Britain’s largest steelworks, to be placed into compulsory liquidation, describing the business as “hopelessly insolvent”, the BBC reported.

The business, which employs 1,450 people and produces steel used in aerospace, defence and power generation, will be placed under a government-appointed liquidator and managers from consultancy Teneo, the government’s Insolvency Service said.