May 21, 2019 / 1:32 PM / 2 months ago

British Steel says negotiations ongoing on its future

LONDON (Reuters) - British Steel, the country’s second largest steel producer, said on Tuesday that negotiations about funding had not concluded and it was working with all parties to keep the company working.

“The British Steel Group has faced various trading challenges recently. In response to this, we have been working closely with our stakeholders to consider the different funding options available to the Group,” it said.

“These negotiations have not concluded and we continue to work with all parties to achieve an outcome that secures the future success of British Steel.”

Two sources close to the situation said earlier on Tuesday that the company was on the brink of collapse unless the government agreed to provide an emergency 30 million pound ($38 million) loan.

A spokeswoman for British Steel said that there was funding in place for salaries to be paid in full in May.

Reporting by Guy Faulconbridge; editing by Michael Holden

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