Date: 14/11/2019

Jingye Group, the Chinese steelmaker, has agreed in principle to buy British Steel out of liquidation for £70m. The deal could get through within a few days. Jingye has also sweetened its buyout offer with the promise it can access up to £300m in loans, indemnities and grants as it plans to boost the production by 10%. News of the deal came after talks between British Steel and Ataer, an investment arm of Turkeys military pension fund stalled. Ataer fell to third place in the bidding behind steel baron Sanjeev Gupta, who owns the UK-based Liberty House group.

External links

British Steel buyout: Chinese buyer offers steelmaker a life line

Railway Technology

British Steel buyout: should the deal gain approval by the relevant regulatory authorities, it could turn the corner for the entire UK steel industry.