British Steel agrees £70m rescue with Chinese firm

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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 increa

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