British Steel has gone into official receivership after talks with the Government failed to secure its future, dealing a huge blow to the industry and threatening thousands of job losses. Business Secretary Greg Clark said: “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. “The Government can only act within the law, which requires any financial support to a steel company to be on a commercial basis. “This will be a deeply worrying time for the thousands of dedicated British Steel workers, those in the supply chain and local communities. “The company in liquidation is continuing to trade and supply its customers while I consider options for the business.

Source: Irish Examiner May 22, 2019 09:33 UTC