British Steel, the country's second largest steel producer, has collapsed a...
EU steel company shares are currently trading at their lowest in nearly three years, driven down by weak demand, high raw materials costs and cheap imports that can no longer reach the United States due to trade tariffs.
The collapse of British Steel comes after Germany’s Thyssenkrupp and India’s Tata Steel ditched a plan this month to merge their European steel assets to create the EU’s second largest steelmaker after ArcelorMittal. FILE PHOTO: A general view shows the British Steel works in Scunthorpe, Britain, May 21, 2019. REUTERS/Scott HeppellSigns of the ripple effect of British Steel’s collapse are already beginning to emerge.
British Steel had asked the government for a 75 million pound loan, later reducing its demand to 30 million pounds after Greybull agreed to put up more money, according to a source close to the negotiations. Britain’s business minister said it would have been unlawful to provide a loan to British Steel on the terms the company or any other party had made.
Greybull are British Steel’s only creditor at the holding company level and have secured their loans against its assets.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
British Steel goes into liquidation after failing to secure loanBritish Steel, the country's second largest steel producer, has collapsed a...
Read more »
British Steel situation is 'very difficult': environment ministerThe situation at British Steel, which is on the brink of collapse unless the gov...
Read more »
British Steel collapses, putting 5,000 jobs at riskBritish Steel has entered the insolvency process, jeopardizing 5,000 U.K. jobs and endangering a further 20,000 in the supply chain.
Read more »
British Steel rescue loan is worst of bad optionsThe UK’s second-largest steel producer may fail without state credit. Politicians can nationalise the company if they want to save thousands of jobs in a strategic sector. Or they could let the group go bust. The worst outcome is a short-term fix that bails out private owners.
Read more »
US ends Turkey's preferential trade agreement, reduces tariffs on steelAnkara earlier said the move to terminate Turkey's preferential trade treatment is against the $75 billion target for mutual trade laid out by President Donald Trump and Turkish President Tayyip Erdogan.
Read more »
Mnuchin says deal on steel tariffs with Canada, Mexico is ‘close’The Trump administration is close to a move that would mark a major step toward approval of the new NAFTA
Read more »
U.S. reaches deal with Canada, Mexico to lift steel, aluminum tariffs: Washington PostThe United States has agreed to lift tariffs on steel and aluminum from Canada a...
Read more »
U.S. to Lift Steel, Aluminum Duties on Canada and MexicoThe U.S. tariffs are expected to be lifted about 48 hours after an official announcement, which will likely be made as early as Friday. In return, Canada and Mexico will eliminate their retaliatory tariffs, the people said.
Read more »