British Steel on the brink of collapse – with 25,000 jobs at risk
Britain's second-largest steel producer is on the brink of collapse amid growing signs that an emergency government loan would fail to materialise, putting a total of close to 25,000 jobs at risk.Sky News has learnt that British Steel, its lenders and Whitehall are preparing for an insolvency to take place within 48 hours, with EY expected to be formally appointed as administrators on Wednesday unless a deal is struck by Tuesday afternoon. If last-minute talks fail to secure a solvent deal, British Steel's collapse could result in more than 4,000 redundancies at its giant Scunthorpe steelworks, job cuts at its other sites, and as many as 20,000 more jobs in its supply chain also jeopardised by the crisis. Image: The company was seeking a taxpaye...