During a ceremony to celebrate the resurrection of British Steel almost three years ago, a flag bearing its new logo was proudly raised at the entrance to the Scunthorpe steelworks. In not too long, it may be flying at half-mast.
The company entered insolvency on Wednesday after talks failed between its lenders, private equity owner Greybull Capital and the government over a 30m state bailout only weeks after ministers handed it a 120m emergency loan.
It puts at risk 5,000 jobs at the countrys second-largest steelmaker, most of them at the hulking industrial complex in north Lincolnshire, and many more among suppliers.
Not for the first time, a brand that evokes the bygone glory days of UK manufacturing could be consigned to th…
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