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British Steel agrees ￡70m rescue with Chinese firm
2019-11-11 13:52:26 【Print】
British Steel is set to announce a rescue deal with China's Jingye Group, which could safeguard up to 4,000 jobs in the UK.
Jingye Group has agreed in principle to buy British Steel for ￡70m.
British Steel has been kept running by the government since May when the company went into liquidation. As well as employing 4,000 people at its Scunthorpe and Teesside sites, British Steel supports an additional 20,000 jobs in the supply chain.
The Chinese group is reportedly aiming to increase production at Scunthorpe from 2.5 million tonnes per year to more than three million. It is believed that while Jingye Group has promised to increase production, it has also warned costs may need to be cut.
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Jingye Group has agreed in principle to buy British Steel for ￡70m.
British Steel has been kept running by the government since May when the company went into liquidation. As well as employing 4,000 people at its Scunthorpe and Teesside sites, British Steel supports an additional 20,000 jobs in the supply chain.
The Chinese group is reportedly aiming to increase production at Scunthorpe from 2.5 million tonnes per year to more than three million. It is believed that while Jingye Group has promised to increase production, it has also warned costs may need to be cut.
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