Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

IronLionZion

(45,255 posts)
Wed May 22, 2019, 10:22 AM May 2019

Blaming Brexit, British Steel collapses putting about 25,000 jobs at risk

https://www.cnn.com/2019/05/22/business/british-steel-collapse/index.html

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 said it suffered because European orders 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.


Right wingers everywhere are creating so many jobs they got tired of winning.
5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Blaming Brexit, British Steel collapses putting about 25,000 jobs at risk (Original Post) IronLionZion May 2019 OP
There goes Nigel's plans... Dennis Donovan May 2019 #1
Nigel deserves a milkshake IronLionZion May 2019 #2
THAT Nigel needs more than a milkshake... Dennis Donovan May 2019 #3
NICE ... love me some XTC ... mr_lebowski May 2019 #4
It gets worse Recursion May 2019 #5
 

mr_lebowski

(33,643 posts)
4. NICE ... love me some XTC ...
Wed May 22, 2019, 11:09 AM
May 2019

Mummer, English Settlement and Skylarking in particular ... oh, and The Dukes of Stratosphere

Recursion

(56,582 posts)
5. It gets worse
Wed May 22, 2019, 11:09 AM
May 2019

The usual suspects, Thyssen-Krup, Tata, and Nurcorp, can't step in right now until they know the regime British Steel will be operating under.

This is an absolute shit-show.

Latest Discussions»General Discussion»Blaming Brexit, British S...