(LONDON) #DealNODeal British Steel is to go into official receivership after failing to secure £30 mill ion in emergency funding from taxpayers after Tata Steel and the government sold them out and it now leaves 4,500 workers on the scrap heap after an equity company Greybull Capital provided a loan of £30-million which needs repaying by today #AceNewsDesk reports

#AceNewsReport – May.22: Editor says we reported on this last year about the sellout by Tata Steel and the workers and the deal with an equity company: But China sells steel cheaper to U.K. and so they buy it from them: This means at least 4,500 British workers are at risk of being made redundant, mainly in Scunthorpe, and a further 20,000 in the UK’s second biggest steel maker’s supply chain: The request for emergency financial support from the government is understood to have been reduced from £75 million to £30 million just sufficient to repay their loan see previous posts on bottom of this post.


// Metro reported: British Steel borrowed £100 million from the government in April after it got frozen out of an EU-wide carbon trading scheme: Sources close to owner Greybull told Sky News that British Steel would be declared bankrupt if it failed to pay back £30 million by Wednesday.

It comes after union leaders laid out their concerns to the government amid reports the company was facing insolvency: The Unite union said they would speak with business secretary Greg Clark on Tuesday and urged owner Greybull to strike a deal with the government…………A spokesman said before the news: ‘We would urge Greybull to reach a deal with the government. Thousands of jobs depend on the outcome.’

Elections for Britain’s 73 seats in the 751-seat European Parliament take place Thursday: The company had asked for a package of support to tackle issues related to Britain’s pending departure from the European Union: Last week British Steel announced it had the backing of its key stakeholders and that operations would continue as normal:

It said on Thursday: ‘We are pleased to confirm that we have the required liquidity while we work towards a permanent solution.’


#UPDATE #TATA Step Two Hots up today with news from an unnamed source of a DEAL that had been going on since last year of combining Germany with India and creating a way – TO KEEP PRICES HIGH and also REWARD TATA for closing British Steel and creating a new German and Dutch Krupps: https://acenewsservices.wordpress.com/2016/04/01/update-tata-step-two-hots-up-today-with-news-from-an-unnamed-source-of-a-deal-that-had-been-going-on-since-last-year-of-combining-germany-with-india-and-creating-a-way-to-keep-prices-high-and-als/

#UPDATE #TATA & TORY SELLOUT: Corbyn wants questions raised in the house over lack of intervention into preventing closure of Port Talbot and no mention of the other plants on the cards as Tories say they are looking at loan guarantees from private companies and here’s the joke that British companies BUY British steel after they sell out to China: https://acenewsservices.wordpress.com/2016/03/30/update-tata-tory-sellout-corbyn-wants-questions-raised-in-the-house-over-lack-of-intervention-into-preventing-closure-of-port-talbot-and-no-mention-of-the-other-plants-on-the-cards-as-tories-s/

Source: #AceNewsDesk report ………..Published: May.22: 2019:

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