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Wed May 22, 2019, 10:22 AM

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.

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Reply Blaming Brexit, British Steel collapses putting about 25,000 jobs at risk (Original post)
IronLionZion May 2019 OP
Dennis Donovan May 2019 #1
IronLionZion May 2019 #2
Dennis Donovan May 2019 #3
mr_lebowski May 2019 #4
Recursion May 2019 #5

Response to IronLionZion (Original post)

Wed May 22, 2019, 10:36 AM

1. There goes Nigel's plans...


He had a future in British Stee-AL, Stee-AL...

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Response to Dennis Donovan (Reply #1)

Wed May 22, 2019, 10:38 AM

2. Nigel deserves a milkshake

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Response to IronLionZion (Reply #2)

Wed May 22, 2019, 10:53 AM

3. THAT Nigel needs more than a milkshake...

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Response to Dennis Donovan (Reply #1)

Wed May 22, 2019, 11:09 AM

4. NICE ... love me some XTC ...

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

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Response to IronLionZion (Original post)

Wed May 22, 2019, 11:09 AM

5. It gets worse

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.

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