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Official Receiver’s Update On British Steel Future

Steel News - Published on Wed, 12 Jun 2019

Image Source: Grimsby Telegraph
Grimsby Telegraph reported that spokesperson for the official receiver for British Steel said "We are continuing to work with interested parties to explore how to preserve the company as a going concern. These are commercial in confidence discussions and for that reason no further update is able to be released at this time. The company is still trading and supplying its customers who continue to show good support for its products. The official receiver has access to an indemnity provided by the government and is able to draw upon this to purchase supplies to enable the company to continue production."

As revealed late last month, contact was made with more than 80 potential suitors identified by the special managers brought in as a result of a High Court order placing British Steel into insolvency, with 60 sent non-disclosure agreements in order to progress possible bids.

Since British Steel was placed into liquidation on May 22, organizations rumored to be considering bids include Indian JSW Steel, UK private equity group Endless, Chinese Hesteel, South Korean POSCO, Liberty Steel and many more.

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Posted By : Ratan Singh on Wed, 12 Jun 2019
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