There is no solution on the fate of British Steel despite government efforts on its downfall.
“British Steel Limited was wound-up in the High Court” on Wednesday, meaning its assets would be sold to help pay debts. “I have received personal assurances that the government will underwrite the receivership process, which means that people’s wages and suppliers will continue to be paid and that the business can continue to operate as normal,” he added in a statement.
Greybull has blamed Brexit strains for its financial collapse, while the steel sector faces other uncertainties.There are clouds also over the future of Tata Steel’s main European operations based in the UK after German industrial conglomerate Thyssenkrupp recently scrapped merger plans with the Indian giant.