Jingye has pledged to invest £1.2 billion into the business over next 10 years.
“The Official Receiver and Special Managers from EY can confirm that a sales contract has been entered into with Jingye Steel Ltd and Jingye Steel Holding Ltd to acquire the business and assets of British Steel Limited,” read a statement. The deal also includes the company’s stakes in Dutch steelmaker FN Steel, British Steel France, and specialist UK manufacturer TSP Engineering.Some 5,000 people are employed by British Steel, which had collapsed into liquidation in May, while another 20,000 jobs have links to its supply chain.
“The agreement will see the two businesses combine to create a world class steelmaking group with global scale and ambition,” Jingye said. Greybull Capital created British Steel, a maker of long steel products, in 2016 after snapping up assets from Tata Steel.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China's Jingye Group in talks to buy British SteelSteelmaker collapsed earlier this year after last-ditch talks failed to secure full financial rescue. FMTNews ChinaJingyeGroup Chinese Power!
Source: fmtoday - 🏆 5. / 72 Read more »
Badminton: Momota juara Terbuka China, kuasai gelaran ke-10Menguasai juara dunia dua kali, Momota bertarung mengetepikan Chou, pemain nombor dua dunia dari Taiwan, 21-15, 17-21, 21-18 dalam - satu perlawanan ulangan selepas pertemuan tahun lepas. FMTNews Momota
Source: fmtoday - 🏆 5. / 72 Read more »
China urges tough security laws in HKBeijing: China has said the lack of tough security laws in Hong Kong is a key reason for months of increasingly violent pro-democracy demonstrations and that the enactment of such legislation is an “urgent task”. Malaysia wanted independence support HK to do the same.
Source: staronline - 🏆 4. / 75 Read more »
Ikan Kap aneh berwajah manusia ditemui dalam tasik di ChinaSebelum penemuan di China ini, ikap kap berwajah manusia turut dilaporkan ditemui di Taiwan dan United Kingdom. FMTNews FMTOhsem
Source: fmtoday - 🏆 5. / 72 Read more »
China calls for tough security laws to end HK turmoil | The Malaysian InsightA senior Chinese official says laws against subversion and challenges to the central Chinese government must be enacted.
Source: msianinsight - 🏆 8. / 63 Read more »
China wants trade deal badly but it must be right, says TrumpTalks moving slower than preferred at the moment, according to US president. FMTNews DonaldTrump
Source: fmtoday - 🏆 5. / 72 Read more »