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British Steel seeks insurance payout to stay afloat

British Steel, Scunthorpe, England

British Steel Ltd. is seeking an insurance payout totaling £30 million ($38 million) related to a June 2017 that could keep it from sliding into liquidation, PBC Today reported. British Steel filed the insurance claim after an explosion damaged a blast furnace and disrupted operations at its plant in Scunthorpe. The steel manufacturer's insurers – U.S.-based Liberty Mutual Group Inc. and Switzerland-based Zurich Insurance Group A.G. – rejected the claim in May 2018 after conducting an investigation for nine months.

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