British Steel Requests Emergency State Loan to Avert Collapse

British Steel has asked the government for tens of millions of pounds in emergency funding as the UK’s second-largest steel producer battles to avoid a collapse that would lead to thousands of job losses, the Financial Times reported. The company blamed uncertainty caused by Brexit as it confirmed it was in talks with ministers about “a package of additional support”, which one person briefed on the discussions said was for £70m-£80m. The request for the loan comes just weeks after British Steel secured more than £100m from the government to help it meet payments to an EU environmental scheme. “As we have previously commented, the uncertainties around Brexit are posing challenges for all businesses, including British Steel, and we are holding constructive discussions with our stakeholders on how to navigate them,” the company said on Tuesday. Read more