British Steel still in talks for government support amid Brexit difficulties

Long steel producer British Steel is in discussions with the UK government about “a package of additional support to assist the company to address broader Brexit-related issues, while continuing with its investment plans,” a company spokeswoman told Fastmarkets on Tuesday May 14.

“As we have previously commented, the uncertainties around Brexit are posing challenges for all businesses including British Steel, and we are holding constructive discussions with our stakeholders on how to navigate them,” the spokeswoman added. “Brexit” is the name given to the process by which the UK intends to leave the European Union. The UK government department for business, energy and industrial strategy declined to comment on the discussions with the steelmaker at the time of publication. British Steel is seeking a loan worth as much as £75 million ($97.44 million) from the UK government, according to a report from UK news organization Sky News on May 14. UK ministers are “drawing up secret contingency plans for the collapse...

Published

Viral Shah

May 14, 2019

16:25 GMT

London