British Steel, the second largest steel company in Britain, had applied for bankruptcy protection after the announcement of closure on May 22nd.
There were about 5,000 staffs in British Steel, and most of them worked in the company’s headquarters. Affected by this closure announcement, more than 20,000 people working in the supply chains had to face the unemployment risk.
Due to the uncertainties brought by Brexit, many European orders had been cancelled, which resulted in British Steel’s operational lost.
However, the main reason of this closure was that British Steel has failed to get the new-round guarantee loans from the British government.
After submitting the application for bankruptcy protection, the UK Supreme Court has ordered British Steel to start the mandatory proceedings process.
Source from YIEH CORP
(To contact the reporter on this story: molly.shi@steelhome.cn or 86-21-50585358) |
