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.
future Net Zero is a free site but we’d ask you to login one time to access the content.
You will also be subscribed to our newsletter service, which will offer insight and editorial commentary, you are free to unsubscribe at anytime.
You can sign up using:
Or simply create an account