Up to 1,700 jobs could be lost as another steel giant goes into administration

The UK’s steel industry has taken yet another hit as Caparo Industries, a steel giant with more than 1,700 employees and significant operations in the West Midlands, has gone into administration, a recent news report in the business media has been able to reveal.

PwC has been appointed to 16 companies within the group.

Matt Hammond, lead administrator and partner at PwC, said: "This is a significant business with a wide range of interests across steel, engineering, vehicles products and technologies. Its scale and reach into significant customers and its importance to suppliers cannot be understated. We will be rapidly assessing all options for the businesses through this week and beyond."

Hammond added: "The impact of steel prices and exchange rates has had an impact on some parts of the Caparo Industries group. However there are businesses in the group that are not directly affected by steel prices, and likewise many where there is both strong customer demand and critical supplier support.

"Our focus for the next 36 hours is on briefing staff across the group and working closely with their management teams to ensure that every opportunity for these businesses is considered. We will be working with all parties to ensure the best outcome for all creditors of each business."

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