Steel Giant Facing Bankruptcy

Union leaders plan to discuss the future of British Steel with U.K. government officials amid reports the company is on the brink of bankruptcy.

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U.K. union leaders are set to lay out their concerns to the government amid reports that British Steel is facing bankruptcy within days.

Sky News is reporting that the nation's second-largest steel producer is on the brink of collapse. British Steel declined to comment.

The Unite union says it will speak with Business Secretary Greg Clark on Tuesday, and urged British Steel owner Greybull to strike a deal with the government.

With thousands of jobs in the balance, the timing could not be worse for Prime Minister Theresa May's government. Elections for Britain's 73 seats in the 751-seat European Parliament take place Thursday.

The company had asked for a package of support to tackle issues related to Britain's pending departure from the European Union.

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