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Jingye Strike Deal with Worker Unions of British Steel

Steel News - Published on Fri, 24 Jan 2020

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British Steel is a step closer to being rescued by Chinese industrial firm Jingye, after a deal was agreed with trade unions wary of the impact on jobs and conditions. Workers’ representatives and executives from the Chinese company are understood to have shaken hands about steelworkers’ future terms of employment. Unions will take the proposals to their members, who will be able to reject the offer and take redundancy instead.

Jingye still needs to reach agreement with suppliers, while the French state has to approve the sale of the company’s plant in Hayange, near the border with Luxembourg.

Around 5,000 jobs were put on the line when Scunthorpe-based British Steel collapsed last May. Jingye's GBP 50 million rescue deal is expected to save around 4,000 jobs but the final number has not been confirmed.

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Posted By : Rabi Wangkhem on Fri, 24 Jan 2020
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