British Steel agrees £70m rescue with Chinese firm

British Steel agrees £70m rescue with Chinese firm

11.11.2019

British Steel agrees £70m rescue with Chinese firm

The deal with Jingye Group could potentially safeguard 4,000 jobs in the UK.

These are external links and will open in a new window Close share panel Image copyright Reuters British Steel is set to announce a rescue deal with China's Jingye Group, which could safeguard up to 4,000 jobs in the UK. Jingye Group has agreed in principle to buy British Steel for £70m. It is understood that the government will help in the form of loan guarantees and other financial support. British Steel has been kept running by the government since May when the company went into liquidation. As well as employing 4,000 people at its Scunthorpe and Teeside sites, British Steel supports an additional 20,000 jobs in the supply chain. It is believed that while Jingye Group has promised to increase production, it has also warned costs may need to be cut. The UK industry has been struggling for a number of years amid claims that China has been flooding the market with cheap steel. It prompted US President Donald Trump to impose a 25% trade tariff on steel imports from China and the EU among others. Related Topics Read more: BBC News (UK)

Taking back control Short term good but when they learn how to make top quality steel will they take that knowledge back to China. They've swamped the market with cheap steel for years and now snapping up our industries at knockdown prices. So that’s the last British heavy industry sold off 🤔 what have we left to trade

Wait... Even though we're still in the EU? It's almost as if Farage et al lied. Just bloody nationalise it instead of handing it over to fucking China. Hopefully for all the workers involved this gives them time to evaluate their career, whether they stay in steel or look to take their skills elsewhere, at least their jobs are more secure for the time being.

Chinese steel now then! So, the Chinese dump cheap steel into the global market, wait for its competitors to struggle and then buy them! And we appear powerless to stop them! BorisJohnson British steel should mean British not selling out to the Chinese they will scrap this in a few years saying it’s not profitable enough for them. This is ridiculous if your building in Britain you use British steel end of.

Remember when we had a coal industry and weaving and cotton all ruined by cheap imports now steel ruined by Chinese imports and a Chinese company buying British steel we need to address this after brexit this has gone on under multiple governments A very true saying, 'People in overalls built this island, people in suits have destroyed it'

Chinese industrial giant poised to buy up British Steel for £70mJingye Group emerges as frontrunner to buy UK steelmaker out of liquidation Worth remembering that the Tories blocked EU measures to tackle Chinese steel dumping. Of course, the EU prevents our Gov't doing anything to save it. Vote BrexitParty Give it 50 years and there’ll be a CCP flag on Buckingham Palace.

Chinese use Russian money to buy British steel. 🎶'Ruled by China, China saved the day'🎶 🎶'Britain never, never, ne-v-er shall win again!'🎶 “Since May, the company has been run at a loss by the Official Receiver - effectively a privately hired government agency.” The Official Receiver is an officer of the court in compulsory liquidations and The Insolvency Service is a government agency. How is it “privately hired”?

Cat's paw, wait and see. China has been using this strategy well over the years. All help comes with tight strings. Two month ago a report to the UN noted that 'the Chinese government was taking hearts, kidneys, lungs, and skin from groups including Uighur Muslims' Chinese firm ? Not a good idea, would not touch China with a barge pole.

Why don’t we just give them the keys to No10 and have done with it........idiots!!!!!!! China's cheap steel is what worry Asian infrastructure projects. With earthquakes happening in South East Asia, I don't think we can withstand against it.

Chinese industrial giant poised to buy up British Steel for £70mJingye Group emerges as frontrunner to buy UK steelmaker out of liquidation Worth remembering that the Tories blocked EU measures to tackle Chinese steel dumping. Of course, the EU prevents our Gov't doing anything to save it. Vote BrexitParty Give it 50 years and there’ll be a CCP flag on Buckingham Palace.

How Do you protect the IP (industry secret processes) now Boris? So, China can killed the Hong Kong protesters? This is a a national embarrassment. That’s depressing. Ya think they want to switch the roles and controls GB used to have over them? Come on GB. This is not cool. judaspriest lancehardy1 Good news 👍

tipmiddle

Remembrance day poppy scam: Royal British Legion furious at firms exploiting charityCOMPANIES that exploit Remembrance Day by selling poppy-themed jewellery without sending any money to military charities could face legal action.

Prague to honour little-known saviour of refugees fleeing NazisCzech capital hopes award will rescue Jewish aid worker Marie Schmolka from obscurity Thank you to these Czech fellows. Real heroes have to be remembered. Looks like JamesSpader Badass.

Midway review – sinks like a depth chargeImpressive aerial battle scenes haven’t a hope of rescuing this jaw-jutting, second world war tosh It should’ve shown the Japs winning for a 5 Star Guardian review 🙄 Only one question On an historically accurate level, are we talking Braveheart/Pearl Harbour or (heaven forbid!) worse? ‘American fighter jets’. At Midway? Who’s the moron who penned this review?

'Divisive tactics': WhatsApp messages urge Hindus to vote against LabourMessages sent to British Hindus signed off with name of Tory-linked businessman Kapil Dudakia Although this has not been a requirement for other modes of medical practice or education , its importance should not be neglected. “The whole two hours was all about vote Conservative, and nothing to do with the festival of Diwali. It was the most uncomfortable thing I’ve ever been to” These lot are totally fascists,they support a fascist regime in India,and finance a agenda of oppression against minorities..in India,nothing new now they have key positions in economic and politics they now want to manipulate the votes in the EU, USA and UK



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