Jingye in talks to buy British Steel

BEIJING: China’s Jingye Group is in talks over a deal to buy British Steel, a company spokesman confirmed yesterday, as the struggling industrial group seeks new owners. The Chinese industrial giant is believed to be poised to agree a rescue of the British steel group, which collapsed in May after last-ditch talks with its owners failed to secure a full financial rescue. Hebei-based Jingye specialises in iron and steel, but has investments in tourism, hotels and real estate.