British Steel, the country’s second-largest steel producer, has collapsed after failing to secure emergency government funding, jeopardizing some 25,000 jobs.
British Steel, the country’s second largest steel producer, has collapsed.
It failed to secure emergency government funding, and now 25,000 jobs are at risk.
The High Court ordered a compulsory liquidation.
Staff have been paid and will continue to be employed but they’re worried about the future.
One of the workers said to newsmen:
“A whole lot of families are going to be upset. there’s not enough work in this town for that many guys to be out of work.”
“Well it’s your families at home, not knowing if you’re going to get paid next month or — It’s disheartening really.”
The liquidator has taken control of the company as the search for a buyer begins.
Owned by investment firm Greybull Capital, British Steel employs around 5,000 people.
Twenty-thousand more jobs depend on its supply chain.
Lawmakers are now facing fresh calls to nationalize the company.
The government says it’ll work with British Steel and the Official Receiver to try to secure its future.
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