British Steel has declared bankruptcy

British steelmaker British Steel has declared bankruptcy. Its report says that the management of the company, despite the efforts made over the course of 3 years, could not restore the unprofitable business. A lot of work that was done in the company to keep the business, did not bring success due to additional problems that arose in connection with the exit of the UK from the European Union. The company’s management was unable to resolve the issue of financial assistance from the British authorities. After the declaration of insolvency by British Steel, there was a risk of dismissal of about 5,000 employees of the company. About 20 thousand supply chain workers may also be cut.

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