London (CNN Business) Britain's second biggest steel maker collapsed on Wednesday, putting about 5,000 jobs at the company directly at risk, and threatening another 20,000 at suppliers. The company was seeking a government bailout, but talks ended without agreement. The High Court ordered the company into compulsory liquidation, according to the government's Insolvency Service. British Steel was reportedly seeking a government loan of £75 million ($95 million) to cover losses it suffered because orders from the European Union had evaporated due to the uncertainty surrounding Brexit"Unable to decipher the trading relationship the UK will have with its biggest market in just five months' time, planning and decision making has become nightmarish in its complexity," UK Steel, the industry's trade association, said in a statement. British Steel, which had already been granted a government loan of £120 million ($152 million) last year, was bought by investment firm Greybull Capital from India's Tata Steel in 2016 for just £1.

Source: CNN May 22, 2019 10:07 UTC