British steel facing administration

[Janus]

From the BBC link-

" One of British Steel's biggest customers is Network Rail, 95% - about 100,000, tonnes - of whose rails are supplied by British Steel's Scunthorpe plant"

 

I wonder where the steel will come from for these now.

 

Edited May 22, 2019 by Janus

[lil-minx92]

32 minutes ago, bendix said:

Why are Greybull secretive and murky?  They are a private equity fund designed to acquire and invest in - usually struggling - companies.  Some get turned around and become successful.  Others fail.

 

That's business.

Morally murky perhaps if the primary reason for acquiring a struggling company is to milk it for all its worth, whilst arranging things so that if it finally dies you don't do too badly either. Not saying thats what happened here...they might end up losing millions in the venture. I very much doubt it tho!

 

https://www.thisismoney.co.uk/money/markets/article-5153241/Monarch-owner-making-millions-British-Steel.html

 

[geared]

24 minutes ago, Janus said:

From the BBC link-

" One of British Steel's biggest customers is Network Rail, 95% - about 100,000, tonnes - of whose rails are supplied by British Steel's Scunthorpe plant"

 

I wonder where the steel will come from for these now.

 

Steel plants in Wales?

[bendix]

37 minutes ago, geared said:

Steel plants in Wales?

Unlikely.  The six different steel makers in the UK produce different types of steel - they don't compete with each other.  Either one of the other suppliers will need to change their output types, or it will have to come from overseas.

[tinfoilhat]

1 hour ago, Janus said:

From the BBC link-

" One of British Steel's biggest customers is Network Rail, 95% - about 100,000, tonnes - of whose rails are supplied by British Steel's Scunthorpe plant"

 

I wonder where the steel will come from for these now.

 

China maybe? I was reliably informed that we're already building warships out of Chinese steel.

[ez8004]

1 hour ago, lil-minx92 said:

Unless they are a bank

The banks that were bailed out were viable businesses. British Steel is not. 

[newcomer01]

In the scheme of things,an influx of cash to avoid the loss of part of our steel industry is a very small price to pay.Especially in light of the cash lost by the government investing cash in Brexit leave/stay,or even worse Chris Grayling and Prison  Service,Ferries and Railways cash that has been lost due to his incompetence.

[geared]

Yea but how much can you give??  They've recently swallowed over £100m and are back asking for more just a few months later.

Edited May 22, 2019 by geared

[newcomer01]

Personally I think the cash should have been given .Afterall had the government of the day completed the task that they are paid for and elected to do then perhaps this scenario would not have happened.

 

[tinfoilhat]

1 hour ago, geared said:

Yea but how much can you give??  They've recently swallowed over £100m and are back asking for more just a few months later.

Sounds alot but that will the total benefits bill for 5000 workers for about a year, 2 max - on my brief calculations. God knows how much it will cost to clear up the site and make it.safe and useable for something else.