British Steel has been placed into liquidation in a move which will affect almost 25,000 staff across the region.

It follows a frantic week of talks between British Steel, its owners Greybull Capital and Government ministers.

The business employs around 4,000 people at its plant in Scunthorpe, but a collapse would have even wider consequences on the region’s 20,000-strong supply chain.

Confirmation of the collapse came in a statement issued by The Insolvency Service at 10:45am on the Government website.

The announcement said: “British Steel Limited in liquidation: information for customers, employees and creditors.

“On 22 May 2019 the High Court ordered British Steel Limited into compulsory liquidation. The Official Receiver was appointed as liquidator.

“The immediate priority following my appointment as liquidator of British Steel is to continue safe operation of the site. I appreciate that this a difficult time for the company’s employees and I want to thank them for their ongoing cooperation.

“The company in liquidation is continuing to trade and supply its customers while I consider options for the business.

“Staff have been paid and will continue to be employed. The court also appointed Special Managers to assist me with my work and they are engaging with staff and their representatives to keep them informed, as well as contacting British Steel’s customers."

A week ago today, the future of the firm was up in the air when it was revealed it was trying to borrow £70m from the Government to survive.

But two days later, the company said it had enough money to continue operating.

The company is facing significant challenges, blaming Brexit and tough trading conditions.

Business Secretary Greg Clark said: “The government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure a solution for British Steel.

“We have shown our willingness to act, having already provided the company with a £120 million bridging facility to enable it to meet its emissions trading compliance costs.

“The government can only act within the law, which requires any financial support to a steel company to be on a commercial basis. I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made.”

Watch: What to do if you're made redundant

British Steel is also currently locked in a dispute with Zurich Insurance and other insurers including Liberty, on a £30 million insurance claim.

The insurance claim was submitted following an incident in June 2017 which damaged a blast furnace at its Scunthorpe premises, requiring it to be shut down for safety reasons.

It was several weeks before operations could be restarted. The insurers’ investigation of the incident lasted for nine months and they rejected the claim in May 2018.

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British Steel has been placed in compulsory liquidation, putting 5,000 jobs at risk and endangering 20,000 in the supply chain.

The move follows a breakdown in rescue talks between the government and the company's owner, Greybull.

The Government's Official Receiver has taken control of the company as part of the liquidation process.

The search for a buyer for British Steel has already begun. In the meantime, it will trade normally.

The Official Receiver said British Steel Ltd had been wound up in the High Court and the immediate priority was to continue safe operation of the site.

The company was transferred to the Official Receiver because British Steel, its shareholders and the government were not able to, or would not, support the business. That meant the company did not have to funds to pay for an administration.

Media playback is unsupported on your device Media caption Jeremy Corbyn and Theresa May clashed over British Steel at PMQs

The other companies within the British Steel group are continuing to trade as normal and are not in insolvency.

So what happens now?

The Official Receiver and EY are looking for a buyer for the business.

If they fail to find one, the firm would be wound up and redundancies would follow.

"I appreciate that this is a difficult time for the company's employees and I want to thank them for their ongoing co-operation," Receiver David Chapman said.

"The company in liquidation is continuing to trade and supply its customers while I consider options for the business.

What about the staff?

British Steel has about 5,000 employees. There are 3,000 at Scunthorpe, with another 800 on Teesside and in north-eastern England.

The rest are in France, the Netherlands and various sales offices round the world.

Their wages this week have been paid by Greybull and the government will pick up the bill from now on.

Roy Rickhuss, general secretary of the steelworkers' trade union, Community, said: "This news will heap more worries on workers and everyone connected with British Steel, but it will also end the uncertainty under Greybull's ownership and must be seized as an opportunity to look for an alternative future.

"It is vital now that cool heads prevail and all parties focus on saving the jobs.

Image caption Kevin Prior, pictured with his partner Kayleigh Manderson, said rumours about the plant had been "circulating for weeks"

Staff in Scunthorpe have also reacted. "Everyone is terrified," said steelworker Kevin Prior. The 32-year-old scrap metal cutter has been at the plant since 2015 and his sister and brother-in-law also work at there.

He said rumours about the company's future had been circulating for a number of weeks.

"It's just heartbreaking," he said.

"It's horrible to hear that my sister is crying herself to sleep because she doesn't know what's going to happen with her husband's job and what that means for them."

As well as the plant's workers the North Lincolnshire town's economy relies heavily on the giant steel works, with an estimated 20,000 jobs linked to the site.

Its closure would be a body blow, with some residents claiming it would leave Scunthorpe a "ghost town".

How did it come to this?

In 2007, India's Tata conglomerate entered the UK steel market after it bought the Anglo Dutch group, Corus. In 2010, the business was renamed Tata Steel Europe.

After a difficult few years, during depths of the 2016 steel crisis, Tata sold the Scunthorpe long products division to private equity firm Greybull Capital for a nominal £1.

Greybull rebranded the company as British Steel.

British Steel's more recent troubles have been linked to a slump in orders from European customers ‎due to uncertainty over the Brexit process.

It has has also struggled with the weakness of the pound since the EU referendum in June 2016 and the escalating US-China trade war.

Image copyright Getty Images

In a statement on Wednesday, Greybull said: "The turnaround of British Steel was always going to be a challenge, and yet the business overcame many difficulties and until recently, looked set for renewed prosperity.

"The workforce, the trade unions and the management team have worked closely together in their determination to strengthen the business. However, the additional blows dealt by Brexit-related issues have proven insurmountable."

The High Court appointed accountancy firm EY to the role of Special Manager, assisting the Receiver.

EY said the appointment of the Official Receiver followed "a number of weeks" of negotiations by management with the company's various stakeholders, including lenders, shareholders and the government, to secure the necessary funding to avoid an insolvency.

"Regrettably, these efforts were unable to secure a solution before the company's funding resources were exhausted."

How have customers reacted?

British Steel customer Network Rail sources 95% of its rails from British Steel's Scunthorpe plant.

In a statement, the rail infrastructure operator said it had been working closely with British Steel and the government for "many weeks".

"We have done what we can to help ease the company's financial difficulties. We have improved our order book with the company - increasing rail production volumes, bringing orders forward and committing to a long term schedule - as well as offering immediate payment to ease the pressure on cash flow."

It is understood the company has enough stockpiles to keep it going until other suppliers can increase production.

What do the politicians say?

Business Secretary Greg Clark said the government had shown its "willingness to act", having provided the British Steel with a £120m bridging loan in April to meet EU emission rules and avoid a steep fine.

However, he added: "The government can only act within the law, which requires any financial support to a steel company to be on a commercial basis. I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made."

Labour's shadow business secretary, Rebecca Long Bailey, called for the company to be nationalised.

She said: "The government must act quickly to save this strategically important industry and the livelihoods and communities of those who work in it, by bringing British Steel into public ownership.''

Is your job affected by the collapse of British Steel? Share your experiences by emailing haveyoursay@bbc.co.uk.

Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways: </s> British Steel, the country's second largest steel producer, has collapsed and put 25,000 jobs at risk after failing to secure emergency government funding.

The High Court has ordered the compulsory liquidation of the company, although staff will remain employed for now as the liquidator oversees the operation of the main site in Scunthorpe, northern England.

Business Minister Greg Clark said British Steel was open to new buyers, while the opposition Labour Party called on the government to bring it back into public ownership.

Owned by investment firm Greybull Capital, British Steel employs around 5000 people, mostly in Scunthorpe, while 20,000 more depend on its supply chain.

Greybull Capital, which specialises in trying to turn around distressed businesses, said it had tried to keep British Steel alive but the challenges of Britain's looming exit from the EU proved insurmountable.

Greybull paid former owners Tata Steel a nominal one pound for the company three years ago.

After being renamed as British Steel, the company made a profit in 2017 but cut around 400 jobs last year, blaming factors such as the weak pound and uncertainties surrounding Brexit, which it said hammered its order book. </s> British Steel has gone into liquidation after talks with the Government failed to secure its future, dealing a huge blow to the industry and threatening thousands of job losses.

Workers at the company’s plants now face weeks of uncertainty as efforts are made to rescue the business.

The grim news was given to employees after a week of speculation, with the plant at Scunthorpe most affected, employing more than 4,000 workers.

British Steel’s owner, Greybull Capital, had been seeking financial support from the Government, saying it faced a number of Brexit related issues.

Business Secretary Greg Clark said: “The Government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure a solution for British Steel.

“We have shown our willingness to act, having already provided the company with a £120 million bridging facility to enable it to meet its emissions trading compliance costs.

“The Government can only act within the law, which requires any financial support to a steel company to be on a commercial basis.

“I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made.

“This will be a deeply worrying time for the thousands of dedicated British Steel workers, those in the supply chain and local communities.

“In the days and weeks ahead, I will be working with the Official Receiver and a British Steel support group of management, trade unions, companies in the supply chain and local communities, to pursue remorselessly every possible step to secure the future of the valuable operations in sites at Scunthorpe, Skinningrove and on Teesside.”

A statement by the Official Receiver said: “The immediate priority following my appointment as liquidator of British Steel is to continue safe operation of the site. I appreciate that this a difficult time for the company’s employees and I want to thank them for their ongoing co-operation.

“The company in liquidation is continuing to trade and supply its customers while I consider options for the business.

“Staff have been paid and will continue to be employed.

“The court also appointed Special Managers to assist me with my work and they are engaging with staff and their representatives to keep them informed, as well as contacting British Steel’s customers.”

Roy Rickhuss, general secretary of the Community trade union, said: “This news will heap more worries on workers and everyone connected with British Steel but it will also end the uncertainty under Greybull’s ownership and must be seized as an opportunity to look for an alternative future.

“It is vital now that cool heads prevail and all parties focus on saving the jobs.”

Unite union assistant general secretary Steve Turner said: “We are clear that the Government must now step up and step in and bring British Steel into public ownership until a buyer can be found to avoid an economic and industrial catastrophe.”

Shadow business secretary Rebecca Long Bailey said: “This is absolutely devastating news for the thousands of workers, their families and the communities in Scunthorpe and Teesside and those throughout the supply chain.

“The Tories’ legacy will once again be industrial decline whilst they endlessly squabble over the European Union.”

Hannah Essex, of the British Chambers of Commerce, said: “Many Chamber businesses will be concerned about the potential impact of British Steel entering insolvency, particularly those in their supply chain who will be directly and deeply affected.

“The company’s operations are at the centre of many local communities, generating thousands of direct and indirect jobs.

“Failure to find a buyer would be devastating to many areas which rely so strongly on this industry. Small and medium-sized suppliers and contractors must be at the forefront of the Official Receiver’s mind throughout this process.”

A spokesman for Greybull Capital said: “Having rescued the business from closure over three years ago, we have worked hard to bring this important company back on its feet.

“Since 2016 we have arranged a financing package of more than £500 million, appointed a new and talented management team, helped the business open up new markets and reduce costs whilst addressing long-term under-investment.

“The turnaround of British Steel was always going to be a challenge, and yet the business overcame many difficulties, and until recently looked set for renewed prosperity.

“The workforce, the trade unions and the management team have worked closely together in their determination to strengthen the business; however, the additional blows dealt by Brexit-related issues have proven insurmountable.

“We are grateful to all those who supported British Steel on the attempted journey to resurrect this vital part of British industry. We are now focused on assisting all involved as best we can through this process.” </s> British Steel has gone into liquidation, threatening thousands of job losses, amid revelations that it would have run out of cash by the end of the week.

The company, owned by Greybull Capital, will continue to trade while the Government’s Official Receiver searches for a buyer to rescue plants, including the giant steelworks at Scunthorpe.

At a High Court hearing in London, Mr Justice Snowden said cash-flow forecasts produced by the company and its advisers “indicate that the company will run out of cash by the end of the week, with a shortage of £14.8 million, increasing thereafter to nearly £95 million by early August 2019″.

Greybull had been seeking financial support from the Government, saying it faced a number of Brexit-related issues, but talks failed to reach an agreement.

A winding-up order was sought “in relation to the company on the grounds that it is unable to pay its debts”.

The judge said that on the basis of the evidence he had seen, he was “entirely satisfied that the company is, or will in the immediate future be, unable to pay its debts as they fall due”.

He said: “The evidence is that the debts of the company as at 31 March 2019 total £880 million, which includes £151 million due to the asset-based lenders and £206 million due to the company’s parent companies.”

Business Secretary Greg Clark said the Government had worked “tirelessly” to explore all potential options, and was willing to consider making a loan, but there was no reasonable prospect that it would have been repaid.

He said: “This will be a deeply worrying time for the thousands of dedicated British Steel workers, those in the supply chain and local communities.

“In the days and weeks ahead, I will be working with the Official Receiver and a British Steel support group of management, trade unions, companies in the supply chain and local communities, to pursue remorselessly every possible step to secure the future of the valuable operations in sites at Scunthorpe, Skinningrove and on Teesside.”

A statement by the Official Receiver said staff have been paid and will continue to be employed, adding: “The immediate priority following my appointment as liquidator of British Steel is to continue safe operation of the site.

“I appreciate that this a difficult time for the company’s employees and I want to thank them for their ongoing co-operation.

“The company in liquidation is continuing to trade and supply its customers while I consider options for the business.”

Roy Rickhuss, general secretary of the Community trade union, said: “This news will heap more worries on workers and everyone connected with British Steel, but it will also end the uncertainty under Greybull’s ownership and must be seized as an opportunity to look for an alternative future.”

Unite assistant general secretary Steve Turner said: “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.

“While it does not represent the move into public ownership that Unite was seeking, it does place British Steel on a secure footing until a buyer for this world class business can be found.”

Shadow business secretary Rebecca Long-Bailey said: “This is absolutely devastating news for the thousands of workers, their families and the communities in Scunthorpe and Teesside and those throughout the supply chain.

“The Tories’ legacy will once again be industrial decline whilst they endlessly squabble over the European Union.”

Hannah Essex, of the British Chambers of Commerce, said: “Many Chamber businesses will be concerned about the potential impact of British Steel entering insolvency, particularly those in their supply chain who will be directly and deeply affected.”

A spokesman for Greybull Capital said: “Having rescued the business from closure over three years ago, we have worked hard to bring this important company back on its feet.

“The turnaround of British Steel was always going to be a challenge, and yet the business overcame many difficulties, and until recently looked set for renewed prosperity.

“The workforce, the trade unions and the management team have worked closely together in their determination to strengthen the business; however, the additional blows dealt by Brexit-related issues have proven insurmountable.”

For the town of Scunthorpe, the impact of losing the plant would be “immeasurable”, according to one former steelworker.

Charlotte Childs, who is now a regional official for the GMB union, said the news was “absolutely devastating”.

She said: “I don’t think it can be understated, the impact that this is going to have on the town and community, if we don’t find a solution to this imminently.”

A three-year-old tweet came back to haunt Nigel Farage, as opponents reminded him of his prediction that a Remain referendum win would kill off Britain’s steel industry.

In the April 2016 tweet, the Brexit Party leader wrote: “If we vote to Remain on June 23rd it is the end of the steel industry in this country. Simple as that. We must Leave EU.” </s> (Reuters) - The collapse of British Steel has once again put private equity owner Greybull Capital in the spotlight for the wrong reasons.

Run out of London by Frenchman Marc Meyohas using family money, Greybull is well known for buying up companies in distress on the cheap with the aim of turning them around.

But Greybull’s record since it launched in April 2010 has been patchy, with four of the 10 companies it bought later declared insolvent or placed into administration.

Greybull’s website says it is “passionate about making companies successful”, yet British Steel is the second time in two years an investment has soured at the likely cost of thousands of UK jobs and a hefty bill for the British taxpayer.

In 2017, another Greybull company, Monarch Airlines, went bust, leaving 860,000 passengers stranded and drawing the ire of consumers and politicians alike.

Greybull will likely find similar anger directed at it in days to come with around 5,000 British Steel workers and up to 25,000 jobs in the supply chain at risk if no buyer can be found for the company.

In both cases, the private equity company has pointed to several years of successful operations under its ownership and highlighted external pressures over which it had no control.

For British Steel, a tougher steel market outlook was compounded by the impact of Britain’s vote to leave the European Union, both on sterling and the company’s ability to meet its emissions trading obligations.

On Wednesday, Greybull said it had worked hard to save the company, but the additional Brexit-related pressures had proved insurmountable.

Greybull remains an investor in the U.S. petroleum company.

Remains an investor in the Plymouth-based company and has financed subsequent acquisitions.

Greybull bought the UK sports bar and snooker hall chain out of administration. After a restructuring, it re-entered administration in 2014. Restructured yet again, it continues under new ownership.

Paid more than 8 million pounds for the baking equipment manufacturer. Metalrax was renamed Arc following the acquisition and the business was successfully turned around and sold and continues trading.

Paid 4.3 million pounds for the plastic bottle maker. Sold to a trade buyer.

Paid 50 million pounds for 90 percent of the airline. Entered administration in 2017.

Backed a 25 million pound buyout of the British retail chain. Entered administration nine months later.

Paid 1 pound to buy Long Products Europe from Tata Steel Europe. Declared insolvent May 23.

Took a majority stake in the mobile phone recycling company for an undisclosed sum.

Bought the French steel maker out of administration. </s> The owners of British Steel in Scunthorpe have promised to try to help ‘all involved’ in the collapse of the company.

In its first statement since the British Steel crisis was revealed earlier this month, Greybull Capital, jointly owned by French business tycoon Marc Meyohas, also blamed ‘Brexit-related’ issues for the company being placed into liquidation, placing thousands of jobs at risk.

“Having rescued the business from closure over three years ago, we have worked hard to bring this important company back on its feet. Since 2016 we have arranged a financing package of more than £500 million, appointed a new and talented management team, helped the business open up new markets and reduce costs whilst addressing long-term underinvestment.

“The turnaround of British Steel was always going to be a challenge, and yet the business overcame many difficulties, and until recently looked set for renewed prosperity.

“The Workforce, the Trade Unions and the Management team, have worked closely together in their determination to strengthen the business, however, the additional blows dealt by Brexit-related issues have proven insurmountable.

“We are grateful to all those who supported British Steel on the attempted journey to resurrect this vital part of British industry. We are now focused on assisting all involved as best we can through this process.”

The company did not indicate what support it would be giving staff, unions or the Government and the Official Receiver who will now be responsible for trying to salvage any future for the Scunthorpe steel works and British Steel’s other business.

Greybull is a private investment firm which had focused on trying to salvage struggling companies.

However, British Steel now joins other failed projects which Greybull had invested in including Monarch Airlines, the My Local convenience store chain and the Comet electrical retail giant.

In the run up to the collapse of British Steel it had secured a £120m loan from the Government to pay for EU carbon bills linked to pollution from the site and then tried to negotiate a loan for £75m to keep the plant running.

However, Government talks stalled and a further request for £30m was rejected by the Government.

After the company’s liquidation was confirmed, Business Secretary Greg Clark said the Government would continue to work with British Steel and unions to “pursue every possible step” to secure the future of Scunthorpe.

He said: “The government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure a solution for British Steel.

“We have shown our willingness to act, having already provided the company with a £120 million bridging facility to enable it to meet its emissions trading compliance costs.

“The government can only act within the law, which requires any financial support to a steel company to be on a commercial basis. I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made.

“This will be a deeply worrying time for the thousands of dedicated British Steel workers, those in the supply chain and local communities. In the days and weeks ahead, I will be working with the Official Receiver and a British Steel support group of management, trade unions, companies in the supply chain and local communities, to pursue remorselessly every possible step to secure the future of the valuable operations in sites at Scunthorpe, Skinningrove and on Teesside."

Contact us: Email the reporter who wrote this story .

Follow Scunthorpe Live on Facebook - Like our Facebook page to get the latest news in your feed and join in the lively discussions in the comments. Click here to give it or message us with a comment or story

Follow us on Twitter - For breaking news and the latest stories, click here to . </s> British Steel is to go into official receivership after talks with the Government failed to secure its future.

The move threatens more uncertainty for thousands of workers at the company's plants, mainly at Scunthorpe where more than 4,000 are employed.

British Steel's owners Greybull Capital had been seeking financial support from the Government, saying it faced a number of Brexit-related issues.

READ MORE: Celebrity chef Jamie Oliver's sadness as restaurant chain goes into administration

Roy Rickhuss, general secretary of the Community trade union, said: "This news will heap more worries on workers and everyone connected with British Steel, but it will also end the uncertainty under Greybull's ownership and must be seized as an opportunity to look for an alternative future.

"It is vital now that cool heads prevail and all parties focus on saving the jobs.

"In these very difficult circumstances we know the workforce will continue to fight for the business as they have done for so many years.

"We would urge the management, contractors, suppliers and customers to support them in that fight for the future."

Unite assistant general secretary Steve Turner said: "Despite today's announcement to place British Steel into official receivership, Unite will continue to engage all parties in the fight to secure the future of the company.

"We are clear that the Government must now step up and step in and bring British Steel into public ownership until a buyer can be found to avoid an economic and industrial catastrophe.

"While Greybull cannot be allowed to walk away scot-free and must be held to account for its stewardship of Britain's second largest steelmaker, ministers cannot wash their hands of the Brexit farce and ongoing uncertainty that has placed the company in difficulty, nor allow a business of such strategic importance to UK plc to disappear like the steelworks of SSI several years ago.

"To do so would be a betrayal of a loyal workforce that has made great sacrifices to make British Steel a success and send economic shockwaves throughout the steel industry, UK manufacturing and the households of 20,000 workers in the supply chain who rely on the steelmaker for their livelihoods."

Tim Roache, GMB general secretary, said: "This is devastating news for the thousands of workers in Scunthorpe and across the UK.

"Consecutive UK governments have failed to protect our proud steel heritage, and now this Prime Minister is overseeing its demise.

"Ministers should have been ready to make use of all the options - including nationalisation - in order to save British Steel." </s> BRITISH STEEL HAS collapsed after the government said last-ditch talks with its owners failed to secure a financial rescue.

The High Court in London ordered British Steel Limited into compulsory liquidation, a statement today said.

“British Steel Limited was wound-up in the High Court” today meaning its assets would be sold to help pay debts.

“The government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure a solution for British Steel,” said Business Secretary Greg Clark.

“We have shown our willingness to act, having already provided the company” recently with funds.

Tim Roache, general secretary of the GMB union, described the collapse of Britain’s second-biggest steelmaker as “devastating news for the thousands of workers” in the UK.

Some 5,000 people are employed by British Steel and an estimated 20,000 more have links to the firm’s supply chain.

Greybull has blamed Brexit strains for its financial collapse, while the steel sector faces other uncertainties.

“While Greybull cannot be allowed to walk away scot-free and must be held to account for its stewardship of Britain’s second largest steelmaker, ministers cannot wash their hands of the Brexit farce and ongoing uncertainty that has placed the company in difficulty,” Steve Turner, assistant general secretary of the Unite union, said Wednesday.

“To do so would be a betrayal of a loyal workforce that has made great sacrifices to make British Steel a success and send economic shockwaves throughout the steel industry, UK manufacturing and the households of 20,000 workers in the supply chain who rely on the steelmaker for their livelihoods.”

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.

A deal was seen as positive for Tata’s Port Talbot plant in Wales that employs more than 4,000 staff.

Following the merger collapse, Thyssenkrupp said it would slash 6,000 jobs worldwide in a structural shakeup.

British Steel is owned by investment firm Greybull Capital, who founded the long steel products maker in 2016 after snapping up assets from Tata Steel.

Long steel products include plates, rails for railways, sections used in construction, and wire rod. The latter can be used as steel rope for infrastructure like suspension bridges or filaments for car tyres to give rigidity.
British Steel Limited goes into compulsory liquidation after rescue talks between the British government and the company's owners, Greybull Capital, fail. Around 5,000 workers are employed by the company, 3,800 of whom are based in the UK.