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THE CEO IMPERATIVE: THROUGH RELENTLESS DISRUPTION, HOW CAN YOU STAY THE COURSE?

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Leadership through uncertainty The CEO Imperative: Through relentless
disruption, how can you stay the course?

Ever more frequent shocks are reshaping the globe and our economy. Companies
must plan for a more local, sustainable and digital world.




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THE CIO IMPERATIVE: IS YOUR TECHNOLOGY MOVING FAST ENOUGH TO REALIZE YOUR
AMBITIONS?

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HOW WORKFORCE REBALANCING IS BUILDING PRESSURE IN THE TALENT PIPELINE

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STRATEGY, TRANSACTIONS AND TRANSFORMATION


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approach to connecting strategy, transactions, transformation and technology,
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Case Study
The better the question The better the answer The better the world works
Case Study


HOW TO DETERMINE A SOLID PATH FORWARD IN A LIQUIDATION

BRITISH STEEL NEEDED A BUYER TO AVOID CLOSURE AND TO CONTINUE THE ICONIC BRAND,
BUT A SALE WAS NEVER GUARANTEED.

Case Study
The better the question The better the answer The better the world works
Case Study


CAN HEAVY INDUSTRY BE RESHAPED FOR A SUSTAINABLE FUTURE?

BRITISH STEEL WAS IN URGENT NEED OF A SUITABLE BUYER TO AVOID CLOSURE.

A sense of history comes to the fore when reshaping a traditional organization
like British Steel. Since its establishment 150 years ago, British Steel has
been central to European and nationwide steel production and employment in the
industry. By directly and indirectly supporting 23,000 jobs, the steel plant in
Scunthorpe – one of the company’s main sites, with others across the UK, France
and the Netherlands – has a vital role to play in the lives and wellbeing of
those connected to it.




HOW EY CAN HELP

RESTRUCTURING AND TURNAROUND STRATEGY

The COVID-19 pandemic will require many organizations to significantly reshape
their strategy. The next wave of strategic change must focus on financial and
business restructuring or a turnaround strategy that can be implemented with
speed and certainty. We provide trusted leadership in urgent, critical and
complex situations to transform, create, preserve and recover value.

Read more

However, steel production in the UK has tumbled from its peak in the 1970s and
commercial pressures have increased in recent years, threatening these jobs and
the local economy. Greater supply internationally has pushed down prices, making
higher cost operators less competitive in the global markets.

As a result, heavy industry organizations like British Steel are in a state of
transition. If they are to survive, these companies – and by extension the local
communities they support – must transform to recover their value.

In the case of British Steel, it had become clear in 2019 that its cashflow
position was no longer viable – it could no longer afford to buy necessary
materials or carbon credits from the EU to let it continue trading. It was in
critical need of a buyer and a fresh, sustainable business model in order to
avoid closure. According to Antonius Ron Deelen, CEO of British Steel, “The real
reason that British Steel got into the situation we were in before EY joined was
twofold: the cashflow of the company and bad messaging; people did not see the
real situation British Steel was in and, therefore, were not prepared to take
the measures needed.”

In May 2019, the British High Court granted an order to place British Steel into
compulsory liquidation. The Official Receiver was appointed as liquidator and he
concurrently petitioned the Court to appoint Sam Woodward, Alan Hudson and
Hunter Kelly of EY to act as Special Managers to assist the Official Receiver
with his duties as liquidator.


 * THE ROLE OF THE OFFICIAL RECEIVER AND THE SPECIAL MANAGERS
   
   The function of the liquidator appointed by the Court is to secure all of the
   company’s assets, realise them and distribute proceeds to the company’s
   creditors.
   
   In the case of British Steel, the Official Receiver as liquidator was
   responsible for overseeing the entire liquidation process and statutory
   compliance, and with the assistance of the Special Managers also appointed by
   the Court, they together ensured the best outcome was achieved for the
   liquidation. EY, as Special Managers, ran parallel processes that prepared
   for both the wind down and closure of British Steel, as well as for the sale
   of the business as a going concern. The relative outcome to creditors of each
   scenario would ultimately dictate the future of British Steel.

British Steel’s legacy and its multi-generational workforce, who were heavily
invested in the plant and its survival, made this insolvency unique. “The number
of people we came across as third-generation family employees was mind-blowing,”
says Sam Woodward, EY-Parthenon Turnaround and Restructuring Strategy Partner.
This feeling of personal significance is echoed by Paul McBean, Community Union
and Multi-Union Chairman of British Steel who says of the Scunthorpe plant,
“Closure would have been devastating. We have other businesses in town, but the
vast majority of businesses here rely on the steel industry.”

Both the Official Receiver and EY were aware of the importance of British Steel
to its employees, suppliers, customers, local communities and the wider economy.
However, emotion could not overrule legislation and the Official Receiver and EY
had a role to fulfil to meet statutory obligations. Working with multiple
stakeholders, EY set about devising a strategy for the liquidation that included
planning for wind down and closure while in parallel assessing the possibility
of realizing value from a sale of the business, in whole or in part. The
ultimate aim was securing the best possible outcome from liquidation, and while
the chances of a going concern sale appeared remote, the counter factual to
closure needing testing.

Case Study
The better the question The better the answer The better the world works
Case Study


IN AN INTERCONNECTED WORLD, THINK BOTH LOCAL AND GLOBAL

EY’S INTERNATIONAL CAPABILITIES WERE CRUCIAL TO DELIVERING THE BEST OUTCOME.

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Case Study
The better the question The better the answer The better the world works
Case Study


FORGING A NEW CHAPTER OF BRITISH STEEL

FRESH INVESTMENT IN BRITISH STEEL WILL PROTECT LIVELIHOODS AND BOOST VALUE
CREATION.

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FEATURED PRESS RELEASES

EY WINS THREE SAILPOINT GLOBAL PARTNER OF THE YEAR AWARDS

LONDON, 21 APRIL, 2022. EY today announced that the EY organization was awarded
three accolades from global partner and identity security company SailPoint
Technologies Holdings, Inc.

21 Apr 2022 London GB

EMPLOYEE INFLUENCE GROWS: 43% SET TO QUIT JOBS FOR BETTER PAY, CAREER
OPPORTUNITIES AND FLEXIBILITY

LONDON, 20 APRIL 2022. Employees around the world now hold more sway in the
global job market, with two-fifths (43%) of respondents saying they are likely
to quit in the next 12 months – driven mostly by a desire for higher total pay,
better career opportunities and flexibility amid rising inflation, a shrinking
labor market and an increase in jobs offering flexible working – according to
the EY 2022 Work Reimagined Survey.

20 Apr 2022 London GB

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EY ANNOUNCES EXTENSION OF THE STRATEGIC ALLIANCE WITH WOLTERS KLUWE…

LONDON, 12 April 2022. EY today announces an extension of the alliance with
Wolters Kluwer to include the CCH® Tagetik corporate performance management
(CPM) solution and EY Advisory S.p.A (EY Italy), harnessing the power of data to
help create opportunities for businesses to drive performance and provide
long-term service.

12 Apr 2022

GROWING SUSTAINABILITY RISKS PUT PRESSURE ON LAW DEPARTMENTS

LONDON, 7 APRIL 2022. Law departments around the world are facing a rising tide
of risks relating to sustainability, but they do not feel that business
leadership fully understands the implications, and they require additional
resources to manage them effectively, according to a new study from EY Law and
the Harvard Law School Center on the Legal Profession.

7 Apr 2022

EY ANNOUNCES ALLIANCE WITH AERA TECHNOLOGY TO UNLOCK THE POWER OF DE…

LONDON, 7 April 2022. EY today announces an alliance between Aera Technology
(Aera) and Ernst & Young LLP (EY US) to help organizations leverage decision
intelligence to accelerate their supply chain transformation.

7 Apr 2022

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ON THE AGENDA (9)




SUSTAINABILITY

Featured: If climate change is everybody’s business, how can all benefit from
green leadership by the few?
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LONG-TERM VALUE

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TECHNOLOGY

Featured: How will the metaverse change our behavior as it reshapes experiences?
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PURPOSE

Featured: What to do in 2022
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PEOPLE AND WORKFORCE

Featured: How workforce rebalancing is building pressure in the talent pipeline
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INCLUSIVE GROWTH

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