A Chinese company has pulled out of the running to buy British Steel, dealing a blow to efforts to rescue the stricken manufacturer and safeguard thousands of jobs.
Jingye Group had submitted an offer for the whole of the UK’s second-largest steelmaker, which collapsed into insolvency two months ago after its request for a £30m state bailout was rejected, according to two people briefed on the matter.
Based in China’s industrial heartland of Hebei province, Jingye also owns hotels and a medicines business alongside its main steelmaking operations.
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