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British Steel collapses, putting thousands of jobs at risk
CNN ^
| 5-22-2019
| Ivanna Kottasova
Posted on 05/22/2019 2:36:35 PM PDT by tcrlaf
Britain's second-biggest steel maker collapsed on Wednesday, putting about 5,000 jobs at the company directly at risk, and threatening another 20,000 at suppliers.
The company was seeking a government bailout, but talks ended without agreement. The High Court ordered the company into compulsory liquidation, according to the government's Insolvency Service.
British Steel was reportedly seeking a government loan of £75 million ($95 million) to cover losses it said it suffered because European orders had evaporated due to the uncertainty surrounding Brexit.
"Unable to decipher the trading relationship the UK will have with its biggest market in just five months' time, planning and decision making has become nightmarish in its complexity," UK Steel, the industry's trade association, said in a statement.
British Steel, which had already been granted a government loan of £120 million ($152 million) last year, was bought by investment firm Greybull Capital from India's Tata Steel in 2016 for just £1.
(Excerpt) Read more at msn.com ...
TOPICS: Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: brexit; china; steel; uk
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The Union and the writer blame Brexit, but it is OBVIOUS that this has been coming for years. Then, at the bottom of the article, it mentions competition from cheap Chinese steel....
1
posted on
05/22/2019 2:36:35 PM PDT
by
tcrlaf
To: tcrlaf
CNN?
i wonder if any of this is true?
2
posted on
05/22/2019 2:38:30 PM PDT
by
DanielRedfoot
(Liberalism is a mental disorder, and is revealed through abject stupidity)
To: tcrlaf
That’s a lot of new coders.
3
posted on
05/22/2019 2:39:17 PM PDT
by
moovova
To: tcrlaf
4
posted on
05/22/2019 2:41:56 PM PDT
by
frogjerk
(We are conservatives. Not libertarians, not "fiscal conservatives", not moderates)
To: tcrlaf
How much money did it lose by catering to muslim employee demands?
5
posted on
05/22/2019 2:45:39 PM PDT
by
ryderann
To: tcrlaf
We're only making plans for Nigel
He has his future in a British steel
We're only making plans for Nigel
Nigel's whole future is as good as sealed
I guess not ...
6
posted on
05/22/2019 2:46:54 PM PDT
by
x
To: tcrlaf
Dummies.
Should have BRexitted when it passed. This would already be behind you.
7
posted on
05/22/2019 2:47:10 PM PDT
by
Oscar in Batangas
(Jan. 20, 2017, 12:00 PM: The End of an ERROR)
To: tcrlaf
You would think they would be Thrilled at the amount of Deadly Greenhouse Gasses will be greatly diminished if the Steel Plant closes, they will have Saved the Planet!
8
posted on
05/22/2019 2:53:48 PM PDT
by
eyeamok
To: tcrlaf
So much for Nigel and his future in a British Steel. (XTC reference, nothing to do with Farage.)
9
posted on
05/22/2019 2:56:30 PM PDT
by
Spktyr
(Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
To: frogjerk
Yep, that’s what I was thinking too!
To: tcrlaf
11
posted on
05/22/2019 3:05:02 PM PDT
by
Mariner
(War Criminal #18)
To: x
Nigel was the first person I thought of, but I’m thinking he might be retired and drawing his pension my now.
To: moovova
Exotic male (or whatever) dancers ala full monty.
13
posted on
05/22/2019 3:11:51 PM PDT
by
wally_bert
(Disc jockeys are as intwerchangeable as spark plugs.)
To: tcrlaf
14
posted on
05/22/2019 3:45:50 PM PDT
by
Eric in the Ozarks
(Baseball players, gangsters and musicians are remembered. But journalists are forgotten.)
To: tcrlaf
If you’re the 2nd largest steel maker in a country and your workforce is 5000, there’s bigger problems.
To: Tijeras_Slim
If youre the 2nd largest steel maker in a country and your workforce is 5000, theres bigger problems. Agreed. It's the industrial equivalent of a hobby farm.
16
posted on
05/22/2019 3:53:39 PM PDT
by
Sirius Lee
(“Individual liberty and freedom are not outmoded concepts.”)
To: tcrlaf; All
Yup. The Chinese have huge surplus steel-making production and dump millions of tons worldwide.
17
posted on
05/22/2019 3:55:37 PM PDT
by
Cobra64
(Common sense isnÂ’t common anymore.)
To: x
First thing I thought of when I read the headline....
Showing my age.
18
posted on
05/22/2019 6:01:34 PM PDT
by
DickBrannigan
("And the fact that I haven't put a gun in my mouth, you pudding of a woman, makes me a winner!")
To: tcrlaf; central_va; FLT-bird
European orders had evaporated due to the uncertainty surrounding Brexit.The company was turning around, but the final nail in the coffin was the Brexit uncertainty. It wasn't the single bullet that killed british steel, but it was one of the bullets.
19
posted on
05/23/2019 4:04:46 AM PDT
by
Cronos
(Obama hated Assad as he wasn't a Muslim but an Alawite)
To: tcrlaf
Oh Brexit is good thing otherwise the globalist would not be using fake scare tactics.
20
posted on
05/23/2019 4:06:35 AM PDT
by
central_va
(I won't be reconstructed and I do not give a damn.)
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