British Steel in liquidation after failing to secure loan
About 25,000 jobs at risk after Brexit-linked woes hammer its order book
London — British Steel, the country’s second-largest steel producer, has collapsed after failing to secure emergency government funding, jeopardising some 25,000 jobs, Britain’s official receiver said on Wednesday. The high court ordered the compulsory liquidation of the company, adding its staff will continue to be employed as the liquidator oversees the continuing operation of the main site in Scunthorpe, northern England. Owned by investment firm Greybull Capital, British Steel employs about 5,000 people, mostly in Scunthorpe, while 20,000 more depend on its supply chain. Greybull Capital, which specialises in trying to turn around distressed businesses, said it had tried to keep British Steel alive but the challenges of Britain’s looming exit from the EU proved insurmountable. Business minister Greg Clark said British Steel was open to new buyers, while the opposition Labour Party called on the government to bring British Steel into public ownership. Greybull paid Tata Steel a ...
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