Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

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
Navigation: use the links below to view more comments.
first 1-2021-30 next last
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
[ Post Reply | Private Reply | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

That’s a lot of new coders.


3 posted on 05/22/2019 2:39:17 PM PDT by moovova
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf
Image and video hosting by TinyPic
4 posted on 05/22/2019 2:41:56 PM PDT by frogjerk (We are conservatives. Not libertarians, not "fiscal conservatives", not moderates)
[ Post Reply | Private Reply | To 1 | View Replies]

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
[ Post Reply | Private Reply | To 1 | View Replies]

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
[ Post Reply | Private Reply | To 1 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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
[ Post Reply | Private Reply | To 1 | View Replies]

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.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: frogjerk

Yep, that’s what I was thinking too!


10 posted on 05/22/2019 2:56:48 PM PDT by MplsSteve
[ Post Reply | Private Reply | To 4 | View Replies]

To: tcrlaf

British Steel!

https://www.youtube.com/watch?v=O4ujW3oe_BQ


11 posted on 05/22/2019 3:05:02 PM PDT by Mariner (War Criminal #18)
[ Post Reply | Private Reply | To 1 | View Replies]

To: x

Nigel was the first person I thought of, but I’m thinking he might be retired and drawing his pension my now.


12 posted on 05/22/2019 3:07:38 PM PDT by Flash Bazbeaux
[ Post Reply | Private Reply | To 6 | View Replies]

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.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: tcrlaf

Maybe Tata will buy it.


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.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tcrlaf

If you’re the 2nd largest steel maker in a country and your workforce is 5000, there’s bigger problems.


15 posted on 05/22/2019 3:51:51 PM PDT by Tijeras_Slim
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tijeras_Slim
If you’re the 2nd largest steel maker in a country and your workforce is 5000, there’s 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.”)
[ Post Reply | Private Reply | To 15 | View Replies]

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 isn’t common anymore.)
[ Post Reply | Private Reply | To 1 | View Replies]

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!")
[ Post Reply | Private Reply | To 6 | View Replies]

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)
[ Post Reply | Private Reply | To 1 | View Replies]

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.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-30 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson