Company News 

Seven days: 24 May 2019

Seven days: 24 May 2019

British Steel collapses 

British Steel began insolvency proceedings after negotiations with the UK government and private equity owner Greybull for an emergency £30m loan failed. The High Court ordered a compulsory liquidation and appointed the Official Receiver, putting around 5,000 jobs at risk. Talks reportedly broke down because ministers felt a loan would breach EU state aid rules. The UK’s second-largest steel producer blamed Brexit-induced uncertainty for a slump in orders. In a statement, Official Receiver David Chapman said: “The company in liquidation is continuing to trade and supply its customers while I consider options for the business.”   

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