British Steel on the brink of collapse

British Steel, the UK's second largest steel producer, was placed under receivership on Wednesday, as various media across the UK and Europe report. Until recently, the government in London had negotiated a rescue with the owner, the private equity firm Greybull Capital, hoping to secure at least part of their jobs.

British Steel has 5,000 employees, with 20,000 jobs at suppliers and dependent businesses at stake. In addition, British Steel's works are in structurally weak areas, jobseekers do not have many alternatives in the labor market.

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