British Steel collapses, costing thousands of jobsBy The Manila TimesLONDON: British Steel collapsed on Wednesday after the government said last-ditch talks with its owners failed to secure a financial rescue. “British Steel Limited was wound-up in the High Court” on Wednesday, meaning its assets would be sold to help pay debts. “The government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure a solution for British Steel,” said Business Secretary Greg Clark. Some 5,000 people are employed by British Steel and an estimated 20,000 more have links to the firm’s supply chain. British Steel is owned by investment firm Greybull Capital, who founded the long steel products maker in 2016 after snapping up assets from Tata Steel.

Source: Manila Times May 22, 2019 11:26 UTC