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Image Source: The Local – France

AFP reported that French officials are under pressure to save the jobs of hundreds of French steel workers at factories facing an uncertain future after the collapse of British Steel, whose assets will be sold to pay off its debt load. Djamal Hamdani, a union representative at British Steel's plant in Hayange, northeast France, told AFP "We knew something was wrong but not that the situation was as catastrophic as this - it's like a gunshot. Scunthorpe's closure would lead to the closure of Hayange and of FNSteel in the Netherlands, pure and simple”

The firm's failure also jeopardises the futures of some 270 workers at the Ascoval factory in Saint-Saulve, northern France, which British Steel pledged to rescue from imminent bankruptcy just a few weeks ago.

Prime Minister Edouard Philippe said that the game isn't over. He said "I'm being very cautious about this, but I'm fairly optimistic. I think we can do this.”

The French government provided a EUR 15 million loan for Ascoval and British Steel had provided EUR 5 million, while promising an additional EUR 40 million shareholder loan.

Posted By : Ratan Singh on Fri, 24 May 2019

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