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Jingye to axe 10pc of British Steel Workforce

Steel News - Published on Tue, 18 Feb 2020

Image Source: The Telegraph
The Telegraph reported that British Steel bidder Jingye is set to axe 400 jobs at the embattled firm's Scunthorpe plant as it closes in on a takeover. According to the Daily Telegraph, Jingye has started sending out new contracts to staff detailing updated terms and conditions but 10 per cent of the workforce will not be getting an offer. The new contracts come after an agreement was reached with unions over employee pay, terms and conditions last month seen as a big step towards completing the sale of the Scunthorpe-based steel giant.

Jingye reached a conditional agreement with the Government to buy British Steel in November and pledged an investment package worth GBP 1.2 billion to transform the business and secure its future. But reducing the number of employees is understood to be seen as an essential part of Jingye's rescue scheme.

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Posted By : Nishith Sharma on Tue, 18 Feb 2020
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