UK's second largest steelmaker begins bankruptcy proceeding
2019-05-23 17:13:30 [Print]
On May 22, British Steel, UK's second biggest steelmaker, started a bankruptcy proceeding after the talks with government failed to secure a bailout. The company has now fallen into administration and the government is currently seeking buyers for the business.
British Steel recently told media that the uncertainty of Brexit led to a sharp decline in orders from its European customers. Also hindered by US's tariff hike on steel and aluminum, the company is facing severe financial crisis.
British Steel recently told media that the uncertainty of Brexit led to a sharp decline in orders from its European customers. Also hindered by US's tariff hike on steel and aluminum, the company is facing severe financial crisis.
