{"id":67207,"date":"2019-11-12T10:27:24","date_gmt":"2019-11-12T10:27:24","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=67207"},"modified":"2019-11-12T11:16:48","modified_gmt":"2019-11-12T11:16:48","slug":"jingye-british-steel","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/jingye-british-steel\/67207\/","title":{"rendered":"Chinese group Jingye rescues British Steel"},"content":{"rendered":"

The Official Receiver and EY has confirmed that a sales contract has been entered into with Jingye Steel to acquire the business and assets of British Steel Limited<\/h2>\n

The UK Insolvency Service<\/a> revealed that Jingye, a steel and iron producer with 23,500 employees, had agreed a sales contract to acquire British Steel, including its Scunthorpe steelworks in Lincolnshire.<\/p>\n

The deal is expected to save up to 4,000 jobs and end the uncertainty surrounding the future of British Steel after it collapsed in May<\/a>.<\/p>\n

Jingye said on Monday (11 November) that it planned to invest \u00a31.2bn into British Steel over the next decade.<\/p>\n

The sales contract will include the steelworks at Scunthorpe, UK mills and shares of FN Steel BV, British Steel France Rail SAS and TSP Engineering<\/a>.<\/p>\n

The sale also includes the shares owned by BSL in Redcar Bulk Terminal Limited.<\/p>\n

\n

China destroys British Steel by dumping cheap steel, courtesy of the Cameron\/Osborne government which resisted tough EU anti-dumping measures because they were sucking up to President Xi<\/p>\n

Now it buys the remnants for a pittance<\/p>\n

\u2014 Andrew Adonis (@Andrew_Adonis) November 11, 2019<\/a><\/p><\/blockquote>\n