The High Court in London has ordered British Steel Limited into compulsory liquidation.
Image: PA Wire/PA Images Image: PA Wire/PA Images BRITISH STEEL HAS collapsed after the government said last-ditch talks with its owners failed to secure a financial rescue.
“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.Tim Roache, general secretary of the GMB union, described the collapse of Britain’s second-biggest steelmaker as “devastating news for the thousands of workers” in the UK.
“While Greybull cannot be allowed to walk away scot-free and must be held to account for its stewardship of Britain’s second largest steelmaker, ministers cannot wash their hands of the Brexit farce and ongoing uncertainty that has placed the company in difficulty,” Steve Turner, assistant general secretary of the Unite union, said Wednesday.
A deal was seen as positive for Tata’s Port Talbot plant in Wales that employs more than 4,000 staff.
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