Unions renew calls for govt intervention with troubled British Steel ‘on brink of collapse’ [UPDATED]

UK steel trade unions have renewed their calls for the government and British Steel’s owners Greybull Capital to reach an agreement to save the troubled long steel producer.

“It is vital now that cool heads prevail and Greybull and the [British] government continue to focus on finding a solution that maintains employment and keeps the business trading,” Alasdair McDiarmid, operations director for UK steel trade union Community said on Tuesday May 21. “The public should know that if British Steel were liquidated, on top of the devastation of yet more steel communities, the clean-up costs for the industrial sites could end up costing taxpayers hundreds of millions of pounds,” McDiarmid said. UK trade union Unite said it will be “urgently speaking” to government ministers following UK media reports that British Steel is close to financial collapse. “British Steel, its lenders and Whitehall are preparing for an insolvency to take place within 48 hours, with [UK professional services firm] EY expected to be formally appointed as administrator...

Published

Viral Shah

May 21, 2019

14:53 GMT

London