Connect with us

Hi, what are you looking for?

United Kingdom

British Steel takeover by Chinese group saves 3,200 jobs

 More than 3,200 jobs have been saved following the Chinese takeover of British Steel.

The Jingye Group has completed the deal to take on the steelworks at Scunthorpe in Lincolnshire.

The agreement also includes the mills at Teesside Beam Mill and Skinningrove, North Yorkshire.

Advertisement

Another 100 jobs will transfer to Barrett Steel following the sale of four British Steel distribution centres.

Prime Minister Boris Johnson said:

“The sounds of these steelworks have long echoed throughout Yorkshire and Humber and the North East.

“Today, as British Steel takes its next steps under Jingye’s leadership, we can be sure these will ring out for decades to come.”

British Steel was placed into liquidation last year.

Unions feared hundreds of jobs would be lost.

The Jingye deal has kept the figure down to about 400 jobs gone.

Jingye chief executive Li Huiming said: “It has not been an easy journey since we first announced our intentions in November.”

British Steel fell into insolvency in May last year after the government decided against providing £30m to the company under its then-owner, Greybull Capital.

 

Comments

Latest Tweets

London Globe

Calls for EU to investigate Russian payments to Maltese dentist. london-globe.com/european-uni… zpr.io/DSCQfaBy9JKt #news #

Advertisement

You May Also Like

United Kingdom

Film director Ridley Scott has recalled the death of actor Oliver Reed while making the Oscar winning blockbuster Gladiator. Scott said hard-drinking Reed “just...

Business

The controversial Russian businessman Viktor Baturin, well-known for his years-long counterstanding with his wealthy sister Elena, widow of Moscow ex-mayor Yuri Luzhkov, is likely...

United Kingdom

The Tremeloes. Dave Munden centre Dave Munden the Tremeloes drummer – and often lead singer – with the 60s chart toppers has died. He...

United Kingdom

The Watneys Party Seven is making a comeback. The ubiquitous 70s beer was a bland fizzing bitter ridiculed by many. The drink’s insipidness helped...