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…
British Steel goes bankrupt, threatening 25,000 jobs By Robert Stevens 23 May 2019 Nearly 5,000 steelworkers jobs and another 20,000 in supply industries could be wiped out after Tuesdays announcement that British Steel is insolvent. The company, owned by vulture fund Greybull Capital, is the second largest steel producer in the UK after Tata. Its…
British Steel has gone into liquidation after talks with the Government failed to secure its future, dealing a huge blow to the industry and threatening thousands of job losses. Workers at the companys plants now face weeks of uncertainty as efforts are made to rescue the business. The grim news was given to employees after…