British Steel’s owners Greybull Capital LLP has indicated that the business is in need of £75m to keep it going over the next few months, and it has turned to the British Government for support. They are blaming a slump in orders from European customers due to uncertainty over the Brexit process and the prolonged weakness of sterling.
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Given that it is a major employer in some of the countries poorer regions keeping it afloat would be a good thing, however with administrators standing by it may make more sense for the Government to let it go under and then nationalise it, given the UK may need to become more self sufficient in key commodities post a Hard Brexit which looks increasingly possible.
