The Jingye Group, a company with ties to the Chinese Communist Party (CCP), has agreed in principle to purchase British Steel for an estimated 70 million pounds ($90m).
The acquisition deal could save up to 4,000 jobs in the UK, as British Steel has been propped up by the government since it went into liquidation in May. The Associated Press reports the sale will include the steelworks at Scunthorpe, U.K. mills and shares of FN Steel BV, British Steel France Rail SAS and TSP Engineering and the Redcar Bulk Terminal. Continue reading “Company with Ties to Chinese Communist Party Buys One Third of British Steel Industry”