British Steel’s steelmaking plant in Scunthorpe (Image: British Steel)
The Chinese industrial giant Jingye Group is set to take over British Steel, which fell into liquidation in May, in a £70m deal.
The Official Receiver, which is managing the insolvency of British Steel, is expected to announce the move later today.
Staff have been told that contracts between the two firms have been exchanged, according to the Financial Times.
British Steel employs around 4,000 people at plants in Scunthorpe and Teesside, while the company is estimated to support another 20,000 jobs in the supply chain.
Register for free or sign in to continue reading
This is not a paywall. Registration allows us to enhance your experience across Construction Management and ensure we deliver you quality editorial content.
Registering also means you can manage your own CPDs, comments, newsletter sign-ups and privacy settings.
