British Steel Financially Collpases; Failure to "BREXIT" Destroys British Company

British Steel Financially Collpases; Failure to "BREXIT" Destroys British Company
7 Comments

British Steel, the country’s second largest steel producer, has collapsed after failing to secure emergency government funding, jeopardizing some 25,000 jobs, Britain’s Official Receiver said on Wednesday.  The fact that the British Parliament intentionally failed to deliver a "BREXIT" from the European Union kept foreign Investors - who could have saved the company -- away from the steel giant. Investors knew that arbitrary and capricious EU pollution rules were wiping the company out, and as long as Britain remained in the EU, the company had no chance to prosper.

The High Court ordered the compulsory liquidation of the company, adding its staff have been paid and will continue to be employed as the liquidator oversees the continuing operation of the main site in Scunthorpe, northern England.

Owned by investment firm Greybull Capital, British Steel employs around 5,000 people, mostly in Scunthorpe, while 20,000 more depend on its supply chain.

 

Britain’s opposition Labour Party called on the UK government to bring British Steel into public ownership.

Greybull Capital, which specializes in trying to turn around distressed businesses, paid former British Steel owners Tata Steel a nominal one pound in 2016 for the loss-making company.

So now that the British Parliament has utterly wrecked British Steel by fouling up the BREXIT, what other industries can look forward to collapsing as the corrupt politicians of the UK continue to defy voters?   How many tens-of-thousands more British workers can expect to lose their jobs because Parliament is corrupt?  Many in the public are wondering if those workers should grab torches and pitch forks and head to Parliament to clean it out?   Stay tuned.

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  • This commment is unpublished.
    Gifford Rodine · 1 months ago
    The largest producer of steel in the USA is Nucor: https://money.cnn.com/2018/03/02/news/economy/steel-industry-statistics-us-china-canada/index.html

    What? You never heard of Nucor. I visited one of their facilities many years ago. A very well run and consistently profitable company, and they have been for over 25 years. Their tonnage alone is more that china exports to the USA that is from china and trans shipments of chinese steel through other countries, ie s korea etc.
  • This commment is unpublished.
    Madeleine Mead · 1 months ago
    Doesn’t all our steel come from China? Anyone know?
  • This commment is unpublished.
    Feral Woods · 1 months ago
    It's Agenda 21, and like the Dragon Queen in Game of Thrones, members of the European Commission "believe" they are working towards a better world.
  • This commment is unpublished.
    Joey Paquette · 1 months ago
    I have been saying, that we might just see the days of Torches and Pitch Forks come back, with the terrible corruption in government, I can see that people are starting to agree?! Absolutely unbelievable, what is happening around the globe??!!
  • This commment is unpublished.
    Matthew Worner · 1 months ago
    The Brits better do some house cleaning while there are still some firearms in the country to spring to. They'll never be able to make any more with no steel industry...
  • This commment is unpublished.
    Matthew Worner · 1 months ago
    If you believe NAFTA wouldn't have morphed into the same kind of marxist/globalist industry destroying quasi-government, I have a lovely bridge in Brooklyn I'll sell you at a really attractive price point. Just so you understand, cash not acceptable; specie only. Silver preferred. Gold acceptable.
  • This commment is unpublished.
    Gifford Rodine · 1 months ago
    This is economic war and those countries without a Trump card are floundering.
    • This commment is unpublished.
      Matthew Worner · 1 months ago
      Not like a steel industry is important for national defense or anything,,,