Is British Steel Greybull Capital’s next disaster? | Business – The Times


The last business secretary to be engulfed by a steel crisis still bears the scars. Sajid Javid, now home secretary, was forced to dash back from a family holiday in Australia three years ago — his daughter in tow — as the industry faced meltdown. Greg Clark is making no such mistake. The energetic business secretary cleared his diary last Thursday, scrapping a planned visit to Coventry, to hold urgent talks on the future of British Steel and its biggest plant, the Scunthorpe steelworks.

The fate of the sprawling 2,200-acre site is hanging in the balance as its owner, Greybull Capital, a secretive private equity fund, tries to persuade the government to lend it £75m to continue trading. On Thursday night, talks ended with a…