British Steel had previously been in rescue talks with Ataer, a subsidiary of Turkey's state military retirement scheme Oyak. UK Steel has agreed to buy British Steel for $90m ( $90m ) in a move that could save up to 4,000 UK jobs and a further 1,000 jobs in France and the Netherlands . The UK government will provide loan guarantees and other financial help, it is understood. The Chinese company's acquisition is a long-term move and will include investment in the company, said Gareth Stace of lobby group Jingye Group , who welcomed the news. Gareth Stace is believed to be looking to increase production at the Scunthorpe plant to 1,000 mt per year.
UK Steel has agreed to buy British Steel for $90m ( $90m ) in a move that could save up to 4,000 UK jobs and a further 1,000 jobs in France and the Netherlands . The UK government will provide loan guarantees and other financial help, it is understood. The Chinese company's acquisition is a long-term move and will include investment in the company, said Gareth Stace of lobby group Jingye Group , who welcomed the news. Gareth Stace is believed to be looking to increase production at the Scunthorpe plant to 1,000 mt per year.