Government can change that," he added. Jingye Group has agreed to buy British Steel for £ 70 m ( $ 90 m ) 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 increase investment in the company , said Gareth Jones of lobby group UK Steel , who welcomed the news . Jingye is said to be looking to increase production at the Scunthorpe plant to more than 1 million mt per year .
Jingye Group has agreed to buy British Steel for £ 70 m ( $ 90 m ) 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 increase investment in the company , said Gareth Jones of lobby group UK Steel , who welcomed the news . Jingye is said to be looking to increase production at the Scunthorpe plant to more than 1 million mt per year .