It has been reported that Chinese firm Jingye Group is to buy UK steelmaker British Steel out of liquidation.
A Chinese industrial giant is favourite to be announced as the buyer of British Steel, after staff were reportedly told in an email that contracts are due to be exchanged.
In May, British Steel was placed into an insolvency process, putting 5,000 jobs in the UK at risk and endangering 20,000 in the supply chain.
The move followed a breakdown in rescue talks between the government and the company’s owner, Greybull. The Government’s Official Receiver took control of the company as part of the insolvency process.
Before this latest announcement, In August 2019, a Turkish army pension fund had announced that it planned to take over British Steel by the end of 2019.
A message sent to British Steel staff and seen by the Guardian indicates that the Official Receiver, a government employee managing the sale, “expects to shake hands on a sale to Jingye imminently”.