Steel is awkward candidate for UK bailout largesse gfhay
Several parties have been given access to the books of British Steel before a deadline for formal expressions of interest in early June, the office handling the liquidation of the company said on May 28.
British Steel entered insolvency on May 22, after the UK government’s official receiver was appointed as compulsory liquidator. The official receiver and EY’s restructuring team have started a sale process to identify a purchaser for the businesses, and all employee wages for May have been paid with the assistance of the company’s senior lenders.
ArcelorMittal on May 29 cut steel production in its main European market for the second time this month, blaming weak demand and high import costs.
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