British Steel, the UKs second-largest steelmaker, is on the brink of collapse just three years after it was revived, putting thousands of jobs at risk.
When buyout firm Greybull Capital bought theScunthorpe steelworks and other sitesfor the princely sum of 1 from Indias Tata in 2016 and revived the British Steel brand in 2016, the industry reacted with anticipation and excitement. Could it manage to overcome rising costs, stiff international competition and continued Brexit uncertainty?
It would appear not. The company is seeking a 30m government loan as the companys lenders and government officials brace for an insolvency to take place within 48 hours, with EY lined up as administrators,…
Read the full article at: https://www.telegraph.co.uk/business/2019/05/21/british-steel-owns-many-jobs-risk-can-saved/