British Steel Enters Insolvency, Putting 25,000 Jobs At Risk

British Steel is to go into official receivership after failing to secure funds for its future, putting up to 25,000 jobs at risk. It follows last-minute talks held on Tuesday between Unite union and Business Secretary Greg Clark, to urge owner Greybull to find a solution. On Wednesday, Clark said he had been advised it was “unlawful” to provide financial support “on the terms of any proposals that the company or any other party has made”, in comments echoed by the prime minister. Clark said in a statement: “The government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure a solution for British Steel. “We have shown our willingness to act, having already provided the company with a £120 million bridging facility to enable it to meet its emissions trading compliance costs