Company News 

Seven days: 15 November 2019

Seven days: 15 November 2019

British Steel saved

China steps in

Chinese industrial conglomerate Jingye Group will rescue British Steel in a deal that could save up to 4,000 jobs. Jingye said that it plans to invest £1.2bn in Britain’s second-biggest steelmaker over the next decade. In the new agreement, the group would also acquire subsidiary businesses FN Steel, British Steel France and TSP Engineering, subject to regulatory approval. The UK government has repeatedly refused to bail out British Steel and talks with Ataer Holding, an investment arm of the Turkish military pension fund, ended last month. “Jingye is committed to preserving UK jobs and investing in a workforce that can help to strengthen British Steel’s UK operations,” the group said in a statement.

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