21 May 2019 - 17:49A general view of the entrance to the British Steel Special Profiles works on May 21, 2019 in Skinningrove, England. Picture: GETTY IMAGES/IAN FORSYTH
Greybull, which specialises in turning around distressed businesses, paid former owners Tata Steel a nominal £1 in 2016 for the unprofitable company, which they renamed British Steel. The collapsed merger leaves the wider EU steel sector fragmented and vulnerable to economic downturn. It also calls into question the fate of Britain’s largest steelworks in Port Talbot, Wales, owned by Tata Steel.
Earlier this month, it appeared to have secured the backing of lenders and shareholders to continue operating as Brexit uncertainty hit its order book, with customers recoiling from the possible threat of tariffs. The second source said the British government was reluctant to hand over more cash as Greybull could get the funds if the business fails.
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British Steel on brink of collapse with 25,000 jobs at riskBritish Steel Limited is on the verge of collapse unless the British government bails the company with a £30-million loan. Can this have a ripple effect to other countries like SA? You see this Brixit ,the majority there voted in favor look at what is happening now .Most compare moving their head offices the likes of Sony has moved our .Does the majority assist at times or not ?
Source: eNCA - 🏆 49. / 51 Read more »
British Steel needs UK state loan of £30m or risks collapseIf the loan is not approved by Tuesday afternoon, administrators EY could be appointed for British Steel as early as Wednesday, a source says
Source: BDliveSA - 🏆 12. / 63 Read more »
British Steel on brink of collapse with 25,000 jobs at riskBritish Steel Limited is on the verge of collapse unless the British government bails the company with a £30-million loan. Can this have a ripple effect to other countries like SA? You see this Brixit ,the majority there voted in favor look at what is happening now .Most compare moving their head offices the likes of Sony has moved our .Does the majority assist at times or not ?
Source: eNCA - 🏆 49. / 51 Read more »
British Steel needs UK state loan of £30m or risks collapseIf the loan is not approved by Tuesday afternoon, administrators EY could be appointed for British Steel as early as Wednesday, a source says
Source: BDliveSA - 🏆 12. / 63 Read more »