British Steel plunges into insolvency in collapse putting 25,000 jobs at risk
[Mirror] British Steel was plunged into insolvency today in a major collapse that puts thousands of jobs at risk.
Rescue talks with the government broke down in a move the GMB union warned was "devastating for thousands of workers".
The UK's second-biggest steel producer employs 4,500 people mostly in Scunthorpe, and 20,000 more depend on its supply chain.
The government's Official Receiver is set to take control of the company as part of an insolvency process, the BBC reported.
Business Secretary Greg Clark was due to address the Commons urgently this afternoon as he refused calls to nationalise the firm - insisting he could only offer help on a "commercial basis".
Jeremy Corbyn said it was an "outrage" British Steel was allowed to collapse adding: "This government has failed those people and even at this late stage, must step in to save those jobs."
Posted by: Besoeker 2019-05-23