British Steel: What went wrong?

British Steel a company that is at the risk of shutting down, has been taken from the control of Greybull, the owners. Due to this, jobs of approximately 5,000 people are at risk.The British government have had conversations with Greybull in order to help rescue the firm from closing. However, the talks are now over and the Government’s Official Receiver has taken over the company.The taking over is a part of liquidation, which may result in the closure of the company. This will occur if the people who are currently controlling the British Steel are not able to find a solution.Around 3,000 people work at Scunthorpe’s site while the rest are employed at other sites. These 5,000 people are not the only ones to be affected by the closure – it is predicted that the lives of about 20,000 people would be impacted by the shutting.

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