May 16, 2019 / 5:58 PM / 2 months ago

British Steel says it has required liquidity, operations continue

LONDON, May 16 (Reuters) - British Steel said on Thursday it had the required liquidity as it explored options to find a permanent solution to its funding problems and strengthen the business for the long term.

Britain’s second largest steelmaker secured a government loan of around 120 million pounds ($154 million) in May to enable it to comply with the European Union’s Emissions Trading System (ETS) rules. And Sky News reported this week that it faced a fresh funding crisis.

“As the business navigates the significant uncertainties caused by Brexit, and explores options to strengthen the business for the long term, we are pleased to confirm that we have the required liquidity while we work towards a permanent solution,” it said in a statement.

$1 = 0.7810 pounds Reporting by Kate Holton; Editing by Kirsten Donovan

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