British Steel collapses after rescue deal fails, 5000 jobs in jeopardy

British Steel Ltd.’s three-year run ended as one of the UK’s only two main steel producers collapsed on Wednesday, putting 5,000 jobs at risk.

The company failed to get a last-minute rescue deal from the government after running into a cash crunch from Brexit uncertainty, as well as high energy and labor costs. It was put into compulsory liquidation in the UK High Court and Ernst & Young LLP was appointed to manage the process.

“The company in liquidation is continuing to trade and supply its customers while I consider options for the business," the official receiver said in a