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  1. ITV Report

Hundreds of Cumbrian jobs at risk as British Steel goes into receivership

Hundreds of jobs in west Cumbria are at risk after the UK's second biggest steel producer entered official receivership.

Workington-based TSP Engineering - a wholly owned independent subsidiary of British Steel - employs more than two hundred people at its Curwen Road site.

Credit: ITV News

British Steel had been seeking financial support from the Government, saying it faced a number of Brexit related issues.

The news was given to employees after a week of speculation, with the plant at Scunthorpe most affected, employing over 4,000 workers.

"The Government has worked tirelessly with British Steel, its owner Greybull Capital, and lenders to explore all potential options to secure a solution for British Steel.

"We have shown our willingness to act, having already provided the company with a 120 million bridging facility to enable it to meet its emissions trading compliance costs.

"The Government can only act within the law, which requires any financial support to a steel company to be on a commercial basis.

"I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made.

"This will be a deeply worrying time for the thousands of dedicated British Steel workers, those in the supply chain and local communities."

– Business Secretary Greg Clark