British Steel to enter insolvency, putting up to 25,000 jobs at risk

British Steel is to enter insolvency, putting more than 4,000 jobs directly at risk and threatening a further 20,000 in the company's supply chain.

The announcement on Wednesday came after talks broke down between the government and British Steel's private equity owners Greybull.

The Government's Official Receiver will take control of the company with accountancy firm EY acting as Special Manager.