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What is the likelihood of British Steel filling for administration in the coming days?

What is the likelihood of British Steel filling for administration in the coming days?
Asked by
Mark Michaels categorie-icon time-icon4 months ago
1 Answer Answer Question

Sam Rondon
Answered time-icon4 months ago

Today, the Labour party has asked the government to nationalize British Steel to preserve jobs and the steel industry.

Leader of the Labour Party, Jeremy Corbyn, claimed that the downfall of British Steel would have a “devastating impact” on Scunthorpe.

British Steel, which is the UK's second-largest steel manufacturer had been working on raising £75m in financial support in order to help address “Brexit-related issues”.

If the company fails to collect the cash it would put 5,000 jobs at risk and expose 20,000 in the supply chain.

“If an agreement cannot be struck with British Steel, the government must act to take a public stake in the company to secure the long term future of the steelworks and protect peoples' livelihoods and communities,” said Jeremy Corbyn.

The government responded saying it would leave “no stone unturned” in order to protect the steel industry.

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