Steel News

Report: Chinese Steelmaker Closes in on Outline Agreement to Buy British Steel

11/7/2019 - China’s Jingye Group is said to be at the top of the list to buy the U.K.’s second largest steel producer and could strike a deal in the coming week, according to reports. 
According to the BBC, the steelmaker, if successful, would look to increase production at British Steel’s Scunthorpe works from 2.5 million metric tons each year to more than 3 million metric tons. It also would seek to upgrade the plant and improve efficiency.

"They have assured us that if they do progress with this acquisition, they have every intention of investing to expand production to serve the UK and European market," U.K. Member of Parliament Andrew Percy told the the Grimsby Telegraph newspaper. 

British Steel was thrust into insolvency earlier this year and is operating under the direction of a court-appointed receiver. 

The BBC has more here.