British Steel to be sold to Chinese firm Jingye

The news comes after the steel company, which directly employs around 5,000 people, collapsed into insolvency in May after months of financial pressure

British Steel is to be rescued by Chinese company Jingye following several weeks of discussions with a number of interested parties.

The news comes after the steel company, which owns the steelworks at Scunthorpe and directly employs around 5,000 people, collapsed into insolvency in May after months of financial pressure.

The Official Receiver has accepted a bid from the Chinese firm, marking an important step towards securing steelmaking operations at British Steel’s sites in the UK.

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