After a week of speculation British Steel has officially gone into liquidation.
Workers at the company’s plants now face weeks of uncertainty as efforts are made to rescue the business.
Scunthorpe’s plant will be the most affected with over 4,000 workers.
The announcement follows the breakdown in rescue talks between the company’s owner, Greybull, and the British government.
Greybull Capital wanted financial support from the Government. They said the company faced a number of Brexit related issues.
Business Secretary Greg Clark said: “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.
“We have shown our willingness to act, having already provided the company with a £120 million bridging facility to enable it to meet its emissions trading compliance costs.
“The Government can only act within the law, which requires any financial support to a steel company to be on a commercial basis.
“I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made.
Roy Rickhuss is the general secretary of the Community trade union. He said: “This news will heap more worries on workers and everyone connected with British Steel but it will also end the uncertainty under Greybull’s ownership and must be seized as an opportunity to look for an alternative future.
“It is vital now that cool heads prevail and all parties focus on saving the jobs.”
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HeadlineThousands of jobs at risk as British Steel goes into liquidation
Short HeadlineBritish steel goes into liquidation
StandfirstGovernment talks have officially failed putting thousands of jobs at risk.
After a week of speculation British Steel has officially gone into liquidation.
Workers at the company’s plants now face weeks of uncertainty as efforts are made to rescue the business.
Scunthorpe’s plant will be the most affected with over 4,000 workers.
The announcement follows the breakdown in rescue talks between the company’s owner, Greybull, and the British government.
Greybull Capital wanted financial support from the Government. They said the company faced a number of Brexit related issues.
Business Secretary Greg Clark said: “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.
“We have shown our willingness to act, having already provided the company with a £120 million bridging facility to enable it to meet its emissions trading compliance costs.
“The Government can only act within the law, which requires any financial support to a steel company to be on a commercial basis.
“I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made.
Roy Rickhuss is the general secretary of the Community trade union. He said: “This news will heap more worries on workers and everyone connected with British Steel but it will also end the uncertainty under Greybull’s ownership and must be seized as an opportunity to look for an alternative future.
“It is vital now that cool heads prevail and all parties focus on saving the jobs.”
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