Chinese Group Jingye Aims to Strike British Steel Deal Within Days

The Chinese company in pole position to save British Steel is aiming to strike a deal to take over the failed manufacturer by the middle of this month, according to people briefed on the situation, the Financial Times reported. Jingye Group has emerged as the frontrunner to buy the stricken steelmaker out of insolvency, following almost six months of uncertainty for 5,000 workers who are mostly based at the large Scunthorpe plant in Lincolnshire. It hopes to reach an agreement in principle with the official receiver in charge of the liquidation process by about November 10, said the people briefed. Jingye’s eagerness to forge a new future for the UK’s second-largest steel producer will offer hope to employees, suppliers and communities who have endured a rollercoaster ride since the company collapsed in May after its requests for an emergency public loan were rejected. Read more