Thousands May Lose Their Jobs As British Steel Collapses
British Steel collapsed on Wednesday after the government said last-ditch talks with its owners failed to secure a financial rescue.
The High Court in London ordered British Steel Limited into compulsory liquidation, a statement said.
“British Steel Limited was wound-up in the High Court” on Wednesday, meaning its assets would be sold to help pay debts.
“The government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure a solution for British Steel,” said Business Secretary Greg Clark.
“We have shown our willingness to act, having already provided the company” recently with funds……..read more
Source: Channels TV
Photo credit: AFP