Chinese industrial group buys British Steel

By Hamish Champ2019-11-11T12:39:00

Source: Shutterstock

Chinese industrial group Jingye said it will invest £1bn in British Steel over the next 10 years after buying the collapsed steelmaker, which was hit by rising costs and falling steel prices and went bust in May this year, putting around 24,000 jobs at risk.

Accountancy firm EY, which was assisting the Official Receiver in finding a buyer for the collapsed steel manufacturer, said Jingye Group had been undertaking “accelerated due diligence” in recent weeks.

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