British Steel, the country's second largest steel producer, is on the brink...
The second source said British Steel lost the backing of one of its four big lenders earlier on Tuesday, while some of the others had already exited.The possible 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.
EU steel company shares are currently trading at their lowest in nearly three years, driven down by poor demand, especially in autos, and cheap imports that can no longer reach the United States due to trade tariffs. Earlier this month, it appeared to have secured the backing of lenders and shareholders to continue operating after the uncertainty around Brexit hammered its order book.
British Steel secured a government loan of around 120 million pounds this month to enable it to comply with the European Union’s Emissions Trading System rules. “Greybull could walk out with millions because they secured all their loans against the assets. At the holding level, Greybull are the only creditor. The government wants Greybull out before putting money into the business,” he said.The UK government has a chequered history with Greybull, after the collapse of airline Monarch in 2017 forced it to repatriate more than 100,000 stranded tourists at a cost of about 60 million pounds.
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