The UK’s steel industry has struggled to fully recover from the Covid-19 pandemic, and Russia’s war in Ukraine isn’t helping
Steel news continues to cover the announcement that UK steel producer and distributor Aartee Bright Bar has gone into administration. The move came after ABB’s commercial financier, FGI, decided to enforce its debts against the company. According to a February 7 report from Sky News, the West Midlands-based business appointed New York-headquartered Alvarez & Marsal as administrators.
Administration in the United Kingdom is similar to Chapter 11 of the United States Bankruptcy Code. It generally occurs whenever a company is unable to pay its debts. Neither Alvarez & Marsal’s London offices nor parent company Aartee Group was available for comment. However, the latter issued an email statement on behalf of ABB.“Despite the very significant challenges facing the UK steel industry, Aartee Bright Bar has been making regular and substantial payments to its creditor FGI.
Steel news reports indicate that Aartee Group originally acquired ABB, then known as Acenta, in July 2018. ABB’s main office and production sites are in England’s West Midlands region, which also houses a distribution center. The company also has distribution centers in North West England and Wales.Bright bar production facilities at ABB include a bank of high-speed coil-to-bar drawing machines.
Tata Steel and British Steel are two UK facilities equipped with blast furnaces. Unfortunately, they also face heavy carbon taxes. That said, the UK Government has proposed a £300 million package to each of those companies. The goal is to help them cover the cost of replacing those blast furnaces with newer electric arc furnaces.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Potential molecular mechanisms of chronic fatigue in long haul COVID and other viral diseases - Infectious Agents and CancerHistorically, COVID-19 emerges as one of the most devastating diseases of humankind, which creates an unmanageable health crisis worldwide. Until now, this disease costs millions of lives and continues to paralyze human civilization's economy and social growth, leaving an enduring damage that will take an exceptionally long time to repair. While a majority of infected patients survive after mild to moderate reactions after two to six weeks, a growing population of patients suffers for months with severe and prolonged symptoms of fatigue, depression, and anxiety. These patients are no less than 10% of total COVID-19 infected individuals with distinctive chronic clinical symptomatology, collectively termed post-acute sequelae of COVID-19 (PASC) or more commonly long-haul COVID. Interestingly, Long-haul COVID and many debilitating viral diseases display a similar range of clinical symptoms of muscle fatigue, dizziness, depression, and chronic inflammation. In our current hypothesis-driven review article, we attempt to discuss the molecular mechanism of muscle fatigue in long-haul COVID, and other viral diseases as caused by HHV6, Powassan, Epstein–Barr virus (EBV), and HIV. We also discuss the pathological resemblance of virus-triggered muscle fatigue with myalgic encephalomyelitis/chronic fatigue syndrome (ME/CFS). Graphical Abstract
Read more »
In pictures: Historic HMS Caroline preparing to welcome public back after CovidThe First World War battleship has been berthed in Belfast for almost 99 years
Read more »
Dietary inflammation linked to worse outcomes in COVID-19The theme of food-related inflammation has been dominant over the past decade. As a result, new tools have emerged to measure this state as well as to strengthen its association with adverse health outcomes. A new report looks at dietary inflammation and its effect on rates of coronavirus disease 2019 (COVID-19), severity, and death.
Read more »
Lancashire's Covid picture as England cases rise for first time this yearInfections peaked at 3.0 million at the end of December
Read more »
Fear and anxiety during the COVID-19 pandemic associated with new alcohol use disorder diagnosesResearchers explored the association between severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) infections and new diagnoses of alcohol use disorder (AUD) in the two years since the onset of the coronavirus disease 2019 (COVID-19) pandemic.
Read more »
Heathrow sees busiest January since start of CovidThe airport says it is 'back to its best' after 5.4 million passengers passed through it last month.
Read more »