China's Jingye Group set to buy British Steel

Steelworkers hold placards saying 'save our steel'

In a potential £70 million deal, China's Jingye Group has become the leading contender to buy the company out of liquidation, after talks with a prospective Turkish buyer fell apart.

The Official Receiver said in a statement: "Completion of the contract is conditional on a number of matters, including gaining the necessary regulatory approvals".

"The business will continue to trade as normal during the period between exchange and completion".

British Steel Ltd was wound-up in the High Court on 22 May 2019, with the government's official receiver taking charge of the business.

"But actually British Steel makes rail, high-quality rail and heavy sections ... which Jingye doesn't make".

The company's chairman Li Ganpo said that the money would go towards upgrading machinery and infrastructure at the steelworks, as well as raising the company's environmental performance and boosting energy efficiency.

Another 1,000 jobs are based in France and the Netherlands, it added.

Liverpool beat Man City to open up eight-point Premier League lead
Alexander-Arnold admitted the ball had struck his arm but said it had hit City midfielder Bernardo Silva's arm first. Then after that we will see how the situation is and use that situation.

"Any new owner would not just be acquiring a steel business, they would be taking on a dedicated and skilled workforce, who even through the uncertainty of recent months have been breaking production records to give the business a chance".

The lack of opportunities in northern England, where British Steel is based, is an election issue, as the social gap between north and south widens.

According to Gareth Stace, director-general of UK Steel, British Steel is a significant asset to the United Kingdom and accounts for one third of UK steel production, mainly from its Scunthorpe site.

"While there remains much work still to be done, today's announcement is a huge hurdle overcome on the way to delivering a sustainable future for this cornerstone of British industry".

"I would be surprised if it did not get finalised", he said.

"However, there have been a series of false dawns in finding a buyer for British Steel and Unite will not be raising any false hopes without seeing detailed plans for the entire business and [until] the ink is dry on the contracts".

Related News:



Most liked

Kajol congratulate Ajay Devgn on his 100th film, Tanhaji
Shah Rukh Khan also had some sweet words to say for Ajay's remarkable century of films. He will be next seen in Tanhaji: The Unsung Warrior which is a much-awaited film.

YouTube Could Terminate Creators Who Are Not "Commercially Viable" for the Platform
As for 2020, we could start to see a change in how YouTube operates with respect to content curation and content visibility. YouTube says that it is doing this to make terms clearer and easier to understand, but that doesn't seem to be the case.

Alibaba's Singles' Day sales have already passed $25 billion
More than 200,000 brands are participating, offering deep discounts to a projected 500,000 million shoppers. It took only 63 minutes and 59 seconds for sales to hit 100 billion yuan ($14.3 billion).

Monday's Snow Storm Has Been Upgraded To A Winter Storm Warning
Lake effect snow bands will develop across the primary and secondary snowbelt region on the heels of the widespread snow. Our Severe Weather Alert Day continues as a cold front crashes into the mountains tonight , bringing rain and snow.

WeWork courts T-Mobile's John Legere for CEO spot
The company has been looking for a new CEO since WeWork co-founder Adam Neumann stepped down as CEO last month. WeWork executives Artie Minson and Sebastian Gunningham have led the company as a team since September.

Alabama opens as three TD favorite heading into next game
While it was entertaining for college football, there was plenty to dissect in the game from a 2020 NFL Draft perspective, too. Byrne is running in the Alabama Republican primary for US Senate against Trump's former Attorney General Jeff Sessions .

Liverpool vs. Manchester City - Football Match Report
As a result, Pep Guardiola's side are now nine points adrift of table-topping Liverpool . Manchester City will come to Anfield with the desire to take all three points.

SpaceX launches 60 more mini satellites for global internet
SpaceX included several upgrades to its second set of Starlink satellites. "This will provide a competitive option for them". The Nov. 11 launch was also the first time SpaceX flew the same booster for a fourth time. © Provided by CBS Interactive Inc.

Former Detroit Lions WR Charles Rogers Dies At Age 38
Former Michigan State teammate and National Football League tight end Chris Baker was among the first to share the news. Former NFL wide receiver for the Detroit Lions Charles Rogers has died, various reports are saying .

Thousands gather to celebrate Japan's Naruhito enthronement
The parade wraps up Naruhito's official succession events, though he'll perform a highly religious imperial rite later this week. Selfie sticks, bottles and banners - and even shouting - are not allowed inside the restricted zone.

Moon Knight and She-Hulk Have Found Their Showrunners
Jessica Gao and Jeremy Slater have been hired to oversee She-Hulk and Moon Knight , respectively. Yet during his last mercenary job in Cairo, Spector was left for dead by a former colleague.

Apple co-founder says Apple Card algorithm gave wife lower credit limit
Among those surprised at the discrepancy is Steve Wozniak who reported that he was offered ten times the limit of his wife. The iPhone maker markets Apple Card on its website as a "new kind of credit card, created by Apple, not a bank".

Prince Harry hints at having second baby with Meghan Markle
The source said there was a view throughout the Royal Family that the couple were "in a fragile place". Royal-watchers have been keeping a close eye on developments of a royal rift.

‘Special’ to play alongside Tiger Woods, says Patrick Reed
Put all his energy into that. "When it comes right down to it, like I told the guys, when you start out on Thursday, it's 0-0". Rickie Fowler and Jordan Spieth were among the golfers who weren't chosen this year after playing in the 2017 Presidents Cup.

Neil Jones confirms he will be returning to Strictly tonight
After being voted out, he said: "I'm mentally sharper, I feel able to deal with pressured situations - thanks to the dance offs". The celebrities are competing to get to Blackpool on this weekend's instalment of Strictly .