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British Steel rescued?

by Kyle Molyneux  |  Mon 11 Nov 2019

British Steel rescued?

Following months of uncertainty, it appears British Steel will be rescued from liquidation by Jingye Group, a Chinese producer of steel products. Jingye Group has agreed a £70m deal in principal with British Steel, which would save around 4,000 jobs at the company’s Scunthorpe and Teesside factories, plus 20,000 in the supply chain. The agreement is expected to be signed later today.

Information about Jingye Group is relatively scarce, but its website describes the company's involvement in the research, development, manufacturer and sale of deformed steel bars, medium steel plates and hot-rolled coils. It is based in the Hebei province, around 190 miles south-west of Beijing, and boasts a 23,500-strong workforce.

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