The UK high court Wednesday ordered British Steel into compulsory liquidation, accordingto a statement from the government's Insolvency Service, adding that the company willcontinue to trade and supply its customers while the Official Receiver considers options for The collapse comes after the company failed to secure emergency government funding,putting at stake 5,000 direct jobs and an estimated further 20,000 jobs indirectly. Ownedby investment firm Greybull Capital, British Steel is the second-largest UK steel producer,with around 3 million mt/year of steel capacity in the UK, France and the Netherlands.
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