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We have been working closely with British Steel and colleagues across government for many weeks. We have done what we can to help ease the company’s financial difficulties. We have improved our order book with the company – increasing rail production volumes, bringing orders forward and committing to a long term schedule – as well as offering immediate payment to ease the pressure on cash flow. However we have today been officially informed that British Steel has entered insolvency proceedings.
British Steel is a major supplier to Network Rail, providing around 100,000 tonnes of rail a year and playing a major part in our plans to maintain, renew and upgrade the railway.
We are confident that we remain able to carry out critical work on the railway in the coming months and beyond. Longer term we have plans in place so that we can continue to deliver the reliable railway millions of people depend on every day.
We understand this is a very worrying time for British Steel employees and we will work with the liquidator and continue to offer our support.
The post British Steel insolvency appeared first on Network Rail.
This article first appeared on www.networkrail.co.uk
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