Posted by AdviserDirect on 05/15/2019

British Steel asks for state help to avert 'Brexit related' crisis

British Steel asks for state help to avert 'Brexit related' crisis

British Steel is seeking emergency funds from the government, blaming politicians’ failure to strike a Brexit deal for a crisis that leaves one of the UK’s last two steelworks – and 4,500 staff – facing an uncertain future.

The company, which owns the Scunthorpe steelworks, is in rescue talks with its lenders over a £75m rescue package that is understood to be at risk of falling apart unless the government contributes.

British Steel blamed “Brexit-related issues” for its difficulties, with one source saying orders from increasingly anxious customers in the European Union had “dried up”.

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