LONDON - British Steel, the country’s second largest steel producer, has collapsed after failing to secure emergency government funding, jeopardising some 25,000 jobs, Britain’s Official Receiver said on Wednesday.
Owned by investment firm Greybull Capital, British Steel employs around 5,000 people, mostly in Scunthorpe, while 20,000 more depend on its supply chain. “In light of events over the past few weeks, it is clear Greybull needs to do the right thing by getting out of the road and let those who are committed to our industry work to save the business,” the union Community said in a statement.
Greybull was the former owner of Monarch, an airline that went bust in October 2017, and also provided backing for the buyout of British high street electronics chain Comet before its collapse in 2012.
C'est pas possible de reculer l'info après les élections européennes, non ?
Let it go down the pan. The tax payer shouldn't be bailing this failing sector. In the past 2yrs the Chinese have produced the same amount of steel that the UK has produced in its entire life. You can't compete with China.
This must be very upsetting for Judas Priest.
Wow next move might come from the Russians. Watch out
But we were told Brexit would save it.
We're not laughing here in the States and I know the Chinese arent
RULE BRITANNIA
Judas Priest, that was a good album
🤣🤣🤣🤣
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