March 3, 2020 / 10:08 AM / a month ago

Jingye moves ahead with British Steel takeover, saving 3,200 jobs

March 3 (Reuters) - Chinese steelmaker Jingye Group said on Tuesday it has agreed to proceed towards the completion of its buyout of British Steel, saving 3,200 jobs and unlocking 1.2 billion pounds ($1.5 billion) in investment.

Jingye said in a statement it will acquire British Steel’s main plant, in the northern English town of Scunthorpe, despite not having a reply from the French government about its French unit, which had been seen as a potential stumbling block to the deal. ($1 = 0.7816 pounds) (Reporting by Muvija M in Bengaluru and Eric Onstad in London; Editing by Susan Fenton)

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