The Times-Tribune

Jingye agrees to buy British Steel


Chinese conglomera­te Jingye has agreed to buy British Steel, in a rescue deal that potentiall­y protects some 4,000 jobs and safeguards a strategic asset as Britain prepares to leave the European Union.

Exact financial terms were not immediatel­y disclosed Monday, and it was not clear what incentives might have been offered by the British government to secure the solvency of the firm, which accounts for about a third of the country’s steel production. British Steel Ltd had been ordered into liquidatio­n in May as it struggled with industry-wide troubles.

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