British Steel’s Scunthorpe plant in north Lincolnshire, northeast England. Picture: AFP/LINDSEY PARNABYBritish Steel, the UK’s second-largest steel producer, is on the brink of collapse unless the government agrees to provide an emergency £30m loan by later on Tuesday, a source close to the situation said.
British Steel had asked the British government for a £75m loan but has since reduced its demand to £30m after Greybull agreed to put up more money, according to the source close to the negotiations. "Administration would be devastating for the thousands of workers and their families who rely on this key industry in a part of the country which has not had enough support and investment from government over decades," Labour said.
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