LONDON (Reuters) – British Steel, the countrys second largest steel producer, has collapsed and put 25,000 jobs at risk after failing to secure emergency government funding, Britains Official Receiver said on Wednesday.
The High Court ordered the compulsory liquidation of the company, although staff will remain employed for now as the liquidator oversees the operation of the main site in Scunthorpe, northern England.
Business Minister Greg Clark said British Steel was open to new buyers, while the opposition Labour Party called on the government to bring it back into public ownership.
Owned by investment firm Greybull Capital, British Steel employs around 5,000 people, mostly in Scunthorpe, while 20,000 more depend on its supply chain.
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