British Steel forced into compulsory liquidation

British Steel, the UK’s second-largest steel company, has been placed in compulsory liquidation following the breakdown of negotiations between the UK Government and owner Greybull Capital. Previously known as Tata Steel, British Steel was bought by Greybull for £1 in 2016 with the promise of sustained investment, but it has asked for financial help from the UK Government to help it cope with “Brexit-related issues”. British Steel currently employs 5,000 people across several sites in the UK, and will continue to trade as normal as it seeks a new buyer. Labour Party leader Jeremy Corbyn has called for it to be nationalised, to “protect people’s livelihoods and communities”. The UK Government says it will leave “no stone unturned” in trying to find a solution.

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