British Steel, the country's second largest steel producer, has collapsed a...
EU steel company shares are currently trading at their lowest in nearly three years, driven down by weak demand, high raw materials costs and cheap imports that can no longer reach the United States due to trade tariffs.
The collapse of British Steel comes after Germany’s Thyssenkrupp and India’s Tata Steel ditched a plan this month to merge their European steel assets to create the EU’s second largest steelmaker after ArcelorMittal. FILE PHOTO: A general view shows the British Steel works in Scunthorpe, Britain, May 21, 2019. REUTERS/Scott HeppellSigns of the ripple effect of British Steel’s collapse are already beginning to emerge.
British Steel had asked the government for a 75 million pound loan, later reducing its demand to 30 million pounds after Greybull agreed to put up more money, according to a source close to the negotiations. Britain’s business minister said it would have been unlawful to provide a loan to British Steel on the terms the company or any other party had made.
Greybull are British Steel’s only creditor at the holding company level and have secured their loans against its assets.
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