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Bail-out plea to save 4,500 jobs as British Steel buckles

Bail-out plea to save 4,500 jobs as British Steel buckles

inisters were last night desperately trying to find a way to save 4,500 British Steel jobs and thousands more in the supply chain as the company teetered on the brink of collapse.

The Government held crisis talks with Greybull, the buyout firm that owns British Steel, about a £30m rescue deal. Without it, British Steel is expected to declare insolvency, with the administrators lined up to take control this morning.

As speculation about the future of the Scunthorpe-based manufacturer swirled yesterday, Andrew Stephenson, under secretary for business, was called to the Commons to answer questions about the situation and whether a cash injection can be given.