British Steel, the country's second largest steel producer, has collapsed a...
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.
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