Chinese firm rescues British Steel
Chinese industrial conglomerate Jingye has bought British Steel in a deal that will save up to 4,000 jobs and see £1.2bn of new investment in the company. The Official Receiver has been running British Steel since May when it fell into liquidation. The Chinese firm emerged as a buyer of the business after talks with Turkish group Ataer collapsed. Jingye is expected to pay about £50m for British Steel and will also be able to tap into a £300m taxpayer-funded package of loans and other support. However, while trade unions and locals MPs supported the deal, industry insiders privately are questioning the wisdom of selling a strategic national industrial asset to a Chinese company.