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Donkeyman
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22-05-2019, 11:09 AM
1

British Steel? Timing?

Could it be that the announcement about the pending
closure of British Steel has been carefully timed by our
esteemed establishment to coincide with the pending
crisis about to engulf the said establishment?
I am not arguing the merits of support for or closure of
British Steel, but, merely question the timing of the deciision
to withhold support by loaning what seems a very small
amount to tide the company over,( some £20 M ) when
( £ 1 B ) was found at short notice to prop up support for
TM in parliament?
Could Hammond be punishing the people who voted ( the
wrong way !) in the referendum? At what seems to be a
crucial point in the brexit debacle! maybe hoping to influence
the upcoming vote?

Regards Donkeyman!
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The Artful Todger
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22-05-2019, 11:19 AM
2

Re: British Steel? Timing?

British Steel is owned by a private investment company. Just like British Airways it's about as British as my Russian grandfather.

My guess is that the owners see an opportunity to get hands on taxpayers money by exploiting the public perception that BREXIT will result in mass unemployment and that the government will pay to retain jobs.
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The Artful Todger
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22-05-2019, 11:24 AM
3

Re: British Steel? Timing?

Originally Posted by Donkeyman ->
Snip --- maybe hoping to influence
the upcoming vote?

Regards Donkeyman!
The BREXIT party prime movers have only one worry and that so many members might believe that the result is a foregone conclusion that they won't bother to vote.

Interestingly the amount of support for the BREXIT party results in it being a defacto second referendum with a very clear result.
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Donkeyman
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22-05-2019, 11:44 AM
4

Re: British Steel? Timing?

Originally Posted by The Artful Todger ->
The BREXIT party prime movers have only one worry and that so many members might believe that the result is a foregone conclusion that they won't bother to vote.

Interestingly the amount of support for the BREXIT party results in it being a defacto second referendum with a very clear result.
Interesting slant on my theory Todger!
I think we are basically on the same page for a change
though!

Regards Donkeyman!
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The Artful Todger
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22-05-2019, 11:53 AM
5

Re: British Steel? Timing?

Originally Posted by Donkeyman ->
Interesting slant on my theory Todger!
I think we are basically on the same page for a change
though!

Regards Donkeyman!
I'll never give you wrong when I believe you're right!
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shropshiregirl
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22-05-2019, 01:26 PM
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Re: British Steel? Timing?

Unfortunately, I'm thinking along the same lines as both of you. The timing is very suspect and seems to be a form of blackmail using the bait of 5000 reason to be very worried British steel workers.

Itís strange how it is currently labelled as British Steel when the name itself disappeared when it merged in 1999 with a Dutch rival called Corus. The company was again bought out by Tata Steel, and yet again sold on to an investment firm called Greybull last June.(Indian Company) and conveniently renamed British Steel Ltd. (a nice juicy British Name when lobbying for millions of taxpayers money!)
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Bread
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22-05-2019, 01:54 PM
7

Re: British Steel? Timing?

I see nobody is mentioning the EU emissions regulations thats screwed "British Steel" into the ground...

I can't say I'm surprised - the term "Brexit related issues" is not as clear cut as the media is leading us to believe.

Rover cars went the same way under similar circumstances
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swimfeeders
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22-05-2019, 02:16 PM
8

Re: British Steel? Timing?

Hi

The owner Greybull Capital, is an asset stripper.

It has previously bought Comet, Monarch and others and then made them insolvent.

Comet cost the UK Taxpayer a mint and was described as the biggest corporate raid ever.

Earlier this year Greybull had a UK Government loan to help British Steel pay it's EU Carbon Tax.

However the company , like other steel companies had been given free of charge, EU Tax Credits, which unlike others, it then sold.

Greybull only put £20 million into British Steel, but then has charged it £6 million in management fees and £34 million in interest fees at 9%.

Now the kicker, taken from Wiki.

Greybull bought the Ascoval steel mill in Saint-Saulve, northern France, out of insolvency. It would invest Ä47m through its company British Steel, and the French state Ä47m. The 270 workers' jobs were reported as being secured. [58]. The purchase was reported on 2 May 2019. Two weeks later it was reported that Greybull was preparing to put British Steel into administration on 22 May[59]. After British Steel's insolvency, it was clarified that Greybull owned Ascoval, not British Steel and the French business was not directly effected. [59]. Greybull renamed Ascoval, 'British Steel Saint Saulve'

The Government was right not to put any more public money in, it is just a rip off.

EU Emissions Regulations did not screw British Steel into the ground.
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Donkeyman
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22-05-2019, 05:00 PM
9

Re: British Steel? Timing?

Very coherent explanation of what is happening here Swimmy!
even l understood it all!
And to think that this is what UK has been reduced to
relying on as its main source of revenue, financial smart
alecs and legal twisters!
How can we break the cycle and get back to the principle
of a hard days work for a good days pay!
Perhaps we should go with the flow, and sell everything that
is left, l mean everything, and divi out the proceeds equally
to everyone, and let them decide what to do with it!
It would be interesting to do the sums
Thanks Swimmy for digging out the info!

Best Regards Donkeyman!
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AnnieS
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22-05-2019, 06:02 PM
10

Re: British Steel? Timing?

It won't be anything sinister. Their accounting year end is 31st march so the group accounts have probably just finshed being reviewed and audited.
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