British Steel’s Chinese Buyer Strikes Deal With Unions

The Chinese group buying British Steel has reached an agreement with trade unions over its rescue of the failed manufacturer, as it races to wrap up a takeover by the end of next month, the Financial Times reported. Executives from Jingye and union officials have reached an understanding for the basis of new employment contracts and other aspects of a turnround plan, three people with knowledge of the discussions said. It brings the Chinese conglomerate a step closer to completing an acquisition of British Steel, whose 5,000 workers have waited for certainty since the steelmaker fell into insolvency in May. The company has continued to operate in liquidation under the official receiver, with support from the government estimated to have cost the taxpayer tens of millions of pounds. Read more