British Steel pleads for Government loan
15 May 2019
British Steel has urgently requested a Government loan of £75 million to combat the effects of Brexit.
The company said issues relating to the departure process and the business uncertainty it has created had prompted the appeal.
British Steel said the money would be needed to ensure the firm could keep trading in the period ahead.
It employs more than 4,000 people in the UK at sites in the north of England including Scunthorpe and Teesside.
British-based steel companies have had to contend with a number of challenging circumstances that have affected the global and European economy, in addition to their Brexit-linked concerns.
The decline in the pound’s value has raised import costs, while the trade dispute between America and China has inevitably had repercussions for smaller economies including the UK’s.
