Jingye Group has agreed to buy British Steel for £70m ($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 deal is expected to be announced on Monday at an event in London attended by Prime Minister David Cameron and French President Francois Hollande. The parties are working together to conclude a sale as soon as reasonably practicable. The Chinese company's acquisition is a long-term move and will include investment in the company, said Gareth Stace of lobby group UK Steel, who welcomed the news. Jingye is believed to be looking to increase production at the Scunthorpe plant to more than three million mt per year.
Jingye Group has agreed to buy British Steel for £70m ($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 deal is expected to be announced on Monday at an event in London attended by Prime Minister David Cameron and French President Francois Hollande. The Chinese company's acquisition is a long-term move and will include investment in the company, said Gareth Stace of lobby group UK Steel, who welcomed the news. Jingye is believed to be looking to increase production at the Scunthorpe plant to more than three million mt per year.