British Steel on verge of collapse, putting thousands of jobs under threat

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British Steel on verge of collapse, putting thousands of jobs under threat

British Steel sign

British Steel is on the verge of collapse, putting more than 4,000 jobs under threat as negotiations over further government support continue. 

The UK’s second-largest steelmaker last week sought a £75m government loan to help it overcome “Brexit-related issues”. 

The company’s lenders and government officials are making preparations for an insolvency to take place within 48 hours, industry and Whitehall sources have confirmed. 

EY is being lined up to act to manage the business if it collapses without a deal being agreed by Tuesday afternoon.

One government source described intense negotiations between buyout fund Greybull Capital, which owns British Steel, and ministers and Department for Business…

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