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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBlaming Brexit, British Steel collapses putting about 25,000 jobs at risk
https://www.cnn.com/2019/05/22/business/british-steel-collapse/index.html
London (CNN Business)Britain's second biggest steel maker collapsed on Wednesday, putting about 5,000 jobs at the company directly at risk, and threatening another 20,000 at suppliers.
The company was seeking a government bailout, but talks ended without agreement. The High Court ordered the company into compulsory liquidation, according to the government's Insolvency Service.
British Steel was reportedly seeking a government loan of £75 million ($95 million) to cover losses it said it suffered because European orders had evaporated due to the uncertainty surrounding Brexit.
"Unable to decipher the trading relationship the UK will have with its biggest market in just five months' time, planning and decision making has become nightmarish in its complexity," UK Steel, the industry's trade association, said in a statement.
British Steel, which had already been granted a government loan of £120 million ($152 million) last year, was bought by investment firm Greybull Capital from India's Tata Steel in 2016 for just £1.
London (CNN Business)Britain's second biggest steel maker collapsed on Wednesday, putting about 5,000 jobs at the company directly at risk, and threatening another 20,000 at suppliers.
The company was seeking a government bailout, but talks ended without agreement. The High Court ordered the company into compulsory liquidation, according to the government's Insolvency Service.
British Steel was reportedly seeking a government loan of £75 million ($95 million) to cover losses it said it suffered because European orders had evaporated due to the uncertainty surrounding Brexit.
"Unable to decipher the trading relationship the UK will have with its biggest market in just five months' time, planning and decision making has become nightmarish in its complexity," UK Steel, the industry's trade association, said in a statement.
British Steel, which had already been granted a government loan of £120 million ($152 million) last year, was bought by investment firm Greybull Capital from India's Tata Steel in 2016 for just £1.
Right wingers everywhere are creating so many jobs they got tired of winning.
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Blaming Brexit, British Steel collapses putting about 25,000 jobs at risk (Original Post)
IronLionZion
May 2019
OP
Dennis Donovan
(18,770 posts)1. There goes Nigel's plans...
He had a future in British Stee-AL, Stee-AL...
IronLionZion
(45,563 posts)2. Nigel deserves a milkshake
Dennis Donovan
(18,770 posts)3. THAT Nigel needs more than a milkshake...
mr_lebowski
(33,643 posts)4. NICE ... love me some XTC ...
Mummer, English Settlement and Skylarking in particular ... oh, and The Dukes of Stratosphere
Recursion
(56,582 posts)5. It gets worse
The usual suspects, Thyssen-Krup, Tata, and Nurcorp, can't step in right now until they know the regime British Steel will be operating under.
This is an absolute shit-show.