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Jingye Update on British Steel Takeover

Steel News - Published on Mon, 13 Jan 2020

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Chinese Jingye has promised to work closely with staff and unions as it finalises its purchase of British Steel in Scunthorpe. A Jingye Group spokesperson said "Jingye has held constructive discussions with union representatives during which the company outlined its ambitious investment plans for British Steel. We look forward to working together further with the unions and employees over the coming weeks, as well as continuing talks with the government and other stakeholders. We firmly believe in the opportunities at British Steel and are committed to its long-term future.”

The statement from Jingye came after talks were confirmed by the National Trade Union Steel Co-ordinating Committee made up of senior officials from GMB, Unite and Community. They said “The Steel Committee and senior officials met with Jingye representatives on Thursday, who presented their strategy for British Steel which included encouraging plans for major investment in the business. However, their proposals to turnaround the business do include impacts on employment and detailed discussions will now take place to fully understand Jingye’s plans and get a deal over line. Those discussions will be ongoing over a number of days and, due to the sensitive nature of the issues on the table, we will not be providing a running commentary on developments. As we have said before, if the business is to succeed it must retain high quality jobs with good terms and conditions and this will guide our position through the ongoing talks. It cannot be just employees who are asked to make sacrifices for the success of the new business. For the company to succeed, everyone involved needs to make a contribution, including key suppliers. It’s in the interests of all stakeholders to secure British Steel and the jobs and communities that depend on its success.”

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Posted By : Rabi Wangkhem on Mon, 13 Jan 2020
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