Energy China’s Jingye Group to buy British Steel for 70 million pounds

China’s Jingye Group to buy British Steel for 70 million pounds

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China’s Jingye Group to buy British Steel for 70 million pounds

China’s Jingye Group is set to buy British Steel for 70 million pounds ($90 million) in a move that could safeguard thousands of jobs in Britain.

British Steel was put into compulsory liquidation on May 22. Closure of the firm, which produces high-margin, long steel products used in construction and rail networks, would jeopardise 5,000 jobs in Scunthorpe, northern England, and a further 20,000 jobs in the supply chain.