Jobs fears as British Steel goes into liquidation

British Steel has gone into liquidation, threatening thousands of job losses, amid revelations that it would have run out of cash by the end of the week.

The company, owned by Greybull Capital, will continue to trade while the government’ s Of ficial Receiver searches for a buyer to rescue plants, including the giant steelworks at Scunthorpe.

At a High Court hearing in London, Mr Justice Snowden said cash-flow forecasts produced by the company and its advisers “indicate that the company will run out of cash by the end of the week, with a shortage of £14.8 million, increasing thereafter to nearly £95m by early August 2019’’.

Greybull had been seeking financial support from the government, saying it faced a number of Brexit-related issues.