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Further fears expressed over future of British Steel

File image of Welders at work in steel forgeFurther fears have been expressed over the future of British Steel as the firm looks to stave off insolvency this week.

Sky News reported on Monday night that sources close to the firm were gearing up to put British Steel into liquidation as talks to secure emergency funding from the government had stalled.

Reuters has now also reported multiple sources saying that the £30m government loan requested had not materialised, placing British Steel nearer to collapse.

British Steel has told the news agency that negotiations are still ongoing, and that salaries for the month would be paid in full to employees.

British Steel transfer complaint details surface

One of the sources told Reuters that British Steel owners Greybull Capital had agreed to put up more money, reducing the call on the government from £75m to £30m.

The source says that administrators could be appointed as early as today (Wednesday).

Answering an emergency question in the House of Commons yesterday around British Steel’s future, business minister Andrew Stephenson said the government “will leave no stone unturned in its support for the steel industry”.


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