British Steel secures sales contract with China's Jingye Group

Workers leave the steelworks plant in Scunthorpe following a shift change as owner British Steel is to go into official recievership after failing to secure funds for its future

The lack of opportunities in northern England, where British Steel is based, is an election issue, as the social gap between north and south widens.

China's Jingye Steel will acquire the "business and assets" of British Steel, the United Kingdom government's Insolvency Service announced on Monday.

The news comes after the steel company, which owns the steelworks at Scunthorpe and directly employs around 5,000 people, collapsed into insolvency in May after months of financial pressure.

The BBC reported a £70m rescue deal had been agreed in principle, but a spokeswoman for the potential buyer told Reuters the deal had not been finalised and gave few further details.

Gareth Stace, director general of industry lobby group UK Steel, also said nothing had been finalised.

British Steel had been in the hands of the government via the Official Receiver since May, when it went into administration.

No-one from British Steel was immediately available for comment.

Supporters celebrate Japan’s emperor, empress during parade
In the minutes before the parade began, police at the Hibiya crossing in central Tokyo warned would-be attendees that the area was full.

British Steel had been in rescue talks with Ataer, which is a subsidiary of Turkey's state military retirement scheme Oyak.

The deal could protect 4,000 jobs at British Steel's sites in Scunthorpe and neighbouring Teeside, alongside an additional 20,000 jobs in the supply chain and 1,000 more overseas.

He said the company was in "for the longer term" and added that the United Kingdom steel industry can compete on the global stage.

Chinese ownership is contentious, especially in the steel industry.

An advantage of Jingye, a multi-industry business specialised in iron and steel, is that it knows the industry and has the ability to invest, industry sources say.

The European Steel Association has meanwhile urged the EU to help the bloc's struggling sector, which it said has been swamped by cheap steel from Asia since the U.S. imposed import tariffs in 2018.

According to its website, it has total assets of 39 billion yuan ($5.5 billion) and 23,500 employees.

Related News:

  • Trump fumes over impeachment probe with public hearings days away

    Trump fumes over impeachment probe with public hearings days away

    The House of Representatives' inquiry centers on Trump's July 25 request to Ukraine's president that he investigate former U.S. Mac Thornberry (Tex.) and Will Hurd (Tex.) - all said that asking for an investigation of a political opponent isn't okay.
    Salman Khan drops Rahat Fateh Ali Khan’s track from Dabangg 3

    Salman Khan drops Rahat Fateh Ali Khan’s track from Dabangg 3

    Another gift to the fans of Salman Khan , released song sung by himself: Salman Khan is constantly giving bang gifts to his fans. The actor is also joined by South superstar Kichcha Sudeep who essays the role of the main antagonist in the film.
    Rivers disappointed with play in last Oakland game

    Rivers disappointed with play in last Oakland game

    He sprinted straight up the middle, splitting the Chargers' defensive line and outrunning the secondary en route to the end zone. At the half, Jacobs had just 19 rushing yards, but eventually the levies broke, and No. 28 left his imprint on the game.
  • Jennifer Aniston thanks iconic 'Friends' role for her successful career

    Jennifer Aniston thanks iconic 'Friends' role for her successful career

    People's Choice Awards in Santa Monica last night to accept the award for comedy act of the year. The prize, which was announced in advance of the event, marks a career of memorable roles.
    Steam is having a Singles' Day sale

    Steam is having a Singles' Day sale

    This year, gross merchandise value figures show that sales on the Alibaba platform had reached almost $30.5bn by the afternoon. Tmall's logo inside Alibaba's Hangzhou headquarters as the Singles Day shopping event entered its second decade.
    Liverpool down Man City to open up eight-point lead

    Liverpool down Man City to open up eight-point lead

    Jurgen Klopp has an nearly full squad to choose from for Sunday's game, barring 2-3 first-team players. Bernardo Silva pulled a goal back, but City are now nine points off the pace.
  • Winter weather advisory issued for parts of KMAland

    Rain/snow mix should switch to all snow by Monday evening with widespread totals of 2 to 5 inches likely. According to Environment Canada, snow will begin early Monday morning and continue through the evening.
    Canadian economy lost 1,800 jobs in October, unemployment rate steady at 5.5%

    Canadian economy lost 1,800 jobs in October, unemployment rate steady at 5.5%

    The bright spot in the data is that average hourly wages rose 4.4 per cent, but CIBC economist Royce Mendes has reservations. One of the industry sectors that slipped in October was professional services, where employment contracted by 2,000.
    Moon Knight and She Hulk Find Writers

    Moon Knight and She Hulk Find Writers

    In particular, we get our best look at how the Aqualad suit translates onscreen in live-action form. Spector uses these personalities as disguises, but they come to take on lives of their own.
  • Lead suspect in Kevin Lunney investigations dies during raid

    Lead suspect in Kevin Lunney investigations dies during raid

    The 50-year-old father-of-six was found bleeding on a roadside in Cornfean after being abducted outside his home in Derrylin. The Quinn family has consistently condemned and distanced themselves from those attacking the new owners.
    Alibaba Heading for Hong Kong Share Sale This Month

    Alibaba Heading for Hong Kong Share Sale This Month

    The listing would be a big deal for the Hong Kong stock exchange, which could use the boost of a high profile listing. Having said that, it is decreased than the $20 billion it experienced aimed to raise in the beginning.
    Neil Jones confirms he will make a comeback to Strictly tonight

    Neil Jones confirms he will make a comeback to Strictly tonight

    My dad's going to take up ballroom dancing and my mum has started Zumba - I want to thank all my family and the judges. Although her vote was not needed, Head Judge Shirley Ballas would have also chosen to save Michelle and Giovanni.


Most liked

If Your YouTube Account Isn't 'Commercially Viable' Google Will Delete It
This affects everybody, including you're favorite content creators , and you. YouTube is updating their Terms of Service on 10 December, 2019.

SRK, Kajol wish Ajay Devgn on 100th film birthday
What's more, Tanhaji: The Unsung Warrior , the latest addition to his list of films, is already making waves with its promos. On his big day, his beloved wife Kajol took to her Instagram and penned a heartfelt note for Ajay Devgn.

Major early season winter storm begins tonight
Our first major winter storm of the season begins tonight and lasts thru the early afternoon hours of Tuesday . Utica, Rome and Boonville could see 5 to 9 inches of snow, creating messy road conditions Tuesday morning.

Andrew Maxwell 'joins I'm A Celebrity'
Get Me Out of Here! is slowly being confirmed as some famous stars start to arrive at an Australian airport. At least one more star is expected to enter the jungle as the series progresses.

Uber CEO walks back comment on Jamal Khashoggi's murder
But when probed by Axios if he would have gone if the two had not clashed Khosrowshahi replied: 'I don't know if I would have'. The comments saw #BoycottUber trending on Twitter by Monday morning and the company's share price drop slightly.

Game Time Announcement: LSU
The Resistance must be disappointed that President Trump and Melania were greeted so enthusiastically during the football game. But on Saturday the football fans in attendance at Tuscaloosa Bryant-Denny stadium loudly cheered for the president.

Former MSU star receiver Charles Rogers dead at 38
However, according to his former Saginaw High School football coaches, Rogers died from liver failure, MLive reported. His former coaches Don Durrett and Marshall Thomas kept in touch and spoke to him as recently as this past weekend.

NASA unveils its first electric airplane - a work in progress
One challenge is improving battery technology to store more energy to extend the plane's range, with faster re-charging. NASA, working for many years on their all-new experimental project, X-57 "Maxwell" first-ever electric aircraft.

Pepperell exits after Tin Cup moment
The 24-year-old Salzburg resident made six birdies and an eagle in a third-round 66 to reach 18-under-par 198. The top 50 at the end of the year earn invites to the year's first major.

Google May Change Political Ad Policy
Among other measures, the employees say the company should prohibit political campaigns from using microtargeting techniques. The startling claim sent shockwaves and even forced companies like Facebook and Google to rethink its policies.

Warriors refute report that Steph Curry unlikely to play again this season
The Golden State Warriors say any talk of Stephen Curry being out for the remainder of the 2019-20 season is not based in fact. The prior rivalry was sparked by Kevin Durant's exit to join the Dubs and the lasting ire between KD and Russell Westbrook .

PL: Chelsea record sixth straight win, Leicester beat Arsenal
And Eagles boss Hodgson admitted it was unfortunate to face Frank Lampard's in-from side, who have won six league games in a row. Tottenham slip to 12th and was lucky to even escape with a 1-1 draw as Sheffield United impressed once more to move up to fifth.

Patrick Reed ready to prove himself as Presidents Cup captain's pick
He also left open the option of adding an assistant captain now that he'll be playing. Royal Melbourne is where the worldwide team had its only victory in 1998.

GOP Rep. Says Trump Asking Ukraine To Investigate Biden Was 'Inappropriate'
The Constitution is very clear. treason, bribery or acts of omission. "The president is going to get that", Swalwell said . Speier argued that having Hunter Biden testify would also be "irrelevant" because he "is unrelated to the Ukraine call".

Lions’ Stafford out with hip and back issues
After lingering concerns about a back injury, team doctors will not let Stafford play today due to fractured bones in his back. I know I can speak for all of us when I say it's always nice to beat the Bears. "I'm not really anxious about it.