British Steel on verge of collapse as government talks stall

Corbyn calls for nationalisation of Brexit-hit producer if £30m loan not forthcoming

British Steel could fall into administration as soon as Wednesday, putting 5,000 jobs directly at risk and endangering thousands more in the supply chain, after talks to secure an emergency £30m loan from the government stalled.

The UK’s second-largest steel producer is on the verge of collapse following inconclusive talks with the business secretary, Greg Clark. Accountancy firm EY has been lined up as administrator if it goes under.

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