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British Steel begs for taxpayer funds to avert collapse

British Steel begs for taxpayer funds to avert collapse

Business
Ministers are drawing up secret contingency plans for the collapse of British Steel amid a fresh funding crisis that could trigger thousands of job losses at its plant in Scunthorpe and intensify fears about the entire industry's future.Sky News has learnt that ‎insolvency experts have been placed on standby in case the UK's second-largest steel producer cannot secure tens of millions of pounds to see it through the coming months. The contingency plans are being drawn up as the company seeks a further loan of up to £75m from the government.A financial support loan on commercial terms was agreed in outline with Whitehall as part of a broader package announced earlier this month, insiders claimed on Tuesday.However, the second part of the deal was supposed to have been finalised by the end o