British Steel blamed “Brexit-related issues” for its difficulties, with one source saying orders from increasingly anxious customers in the European Union had “dried up”. The crisis at British Steel comes less than a fortnight after the government provided it with an emergency £120m loan to cover a bill from the EU for its carbon dioxide emissions. The Department of Business, Energy and Industrial Strategy said it could not comment on speculation about its role in any rescue talks. Sources close to British Steel said ongoing uncertainty about future tariffs on steel exports had proved to be the “worst possible outcome”. At the same time, high energy costs are leaving steelmakers competing with their European competitors with one hand tied behind their backs.

Source: The Guardian May 14, 2019 14:53 UTC