British Steel is on the brink of administration as they are trying to lobby for government funding.
The UK’s second largest steel maker have asked the government for an emergency loan of £75m. Should the government not bail the company out 4,500 jobs will be at risk along with the supply chain of 20,000 workers.
As first reported on Sky News, the government has reduced the emergency financial support from £75m to around £30m.
If a deal is not reached by Tuesday afternoon British Steel could enter administration within 48 hours and EY are thought to be appointed as administrators.
The Department for Business, Energy and Industrial Strategy (BEIS) said, “As the business department, we are in regular conversation with a wide range of companies.”
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