Another loan for British Steel to deal with ‘Brexit-related issues’

Following on from a loan for £100 million to avoid falling foul of the European Union's Emissions Trading Scheme (ETS), it looks as if British Steel is after another loan for what it calls 'Brexit-related issues'.

The company is looking for £75 million to enable it to keep trading, according to a report by the BBC.

Keen to stress that it's not just British Steel in dire need, but other companies too, the steelmaker, which employs around 4,500 directly and another 20,000 indirectly, has stated that "uncertainties around Brexit are posing challenges for all businesses including British Steel."

British Steel is said to be having 'constructive discussions' with it's stakeholders on how to proceed and a range of support measures addressing 'broader Brexit issues'.

The inital loan of £100 million enabled British Steel to avoid a hefty EU fine related to carbon emissions; it has since met again to discuss a new loan covering a slump in orders from European customers due to Brexit uncertainty, claims the BBC.

Naturally the GMB union wants the Government to act swiftly and guarantee the future of the company and the jobs it supports.

GMB national officer, Ross Murdoch, said it was time for action and the Government, which, he said, was known to sit on its hands "while UK manufacturing collapses round its ears" must take action and guarantee the loan needed to safeguard British Steel.