British Steel’s Chinese rescuer is to wrap up a takeover of the failed manufacturer next week, saving more than 3,000 jobs with a deal that secures the future of a key UK industrial asset.
Jingye Group said it had agreed to complete its purchase of the country’s second-largest steelmaker from the official receiver, who has kept the insolvent business running with taxpayer funding, on March 9.
It will come as a relief in Scunthorpe, the Lincolnshire town and home to British Steel’s main plant, where thousands of workers and their families have waited nervously since the company collapsed into liquidation in May.
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