Greybull, which specialises in trying to turn around distressed businesses, paid former owners Tata Steel a nominal one pound in 2016 for the loss-making company which they renamed British Steel. If the British Steel loan is not approved by Tuesday afternoon, administrators EY could be appointed as early as Wednesday, the source said. “I can, however, assure the House that, subject to strict legal bounds, the government will leave no stone unturned in its support for the industry.”Stephenson said the government had been in contact with former British Steel owners Tata Steel. Steel industry suffersThe second source said British Steel lost the backing of one of its four big lenders earlier on Tuesday, while some of the others had already exited. The possible collapse of British Steel comes after Germany’s Thyssenkrupp and India’s Tata Steel ditched a plan earlier this month to merge their European steel assets to create the EU’s second largest steelmaker after ArcelorMittal.

Source: The Express Tribune May 21, 2019 12:33 UTC