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UK Business Secretary Optimistic over Jingye Deal for British Steel

Steel News - Published on Thu, 05 Dec 2019

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UK’s Business Secretary Ms Andrea Leadsom remains very optimistic as efforts to complete a rescue deal for British Steel continue. Ms Leadsom said "I was so delighted when Jingye signed the sale and purchase agreement with the Official Receiver. Obviously British Steel is a vital part of the Scunthorpe area's working life. Generations have worked at the steel plant there and it currently employs 4,000 people directly and up to 20,000 in the supply chain, so I am really keen to see this deal go through. We are working closely with Jingye to make sure we can get it completed, and I remain very optimistic."

Chinese Jingye Group has agreed to buy the Scunthorpe-based steel giant, with a GBP 1.2 billion investment package understood to be a key feature. Under the rescue deal, Jingye would acquire certain assets of British Steel from the Official Receiver, subject to regulatory approvals and certain employee consultation procedures.

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Posted By : Rabi Wangkhem on Thu, 05 Dec 2019
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