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NEWS
China’s Jingye completes purchase of British Steel next week
According to The Gardian, the sale of British Steel to China’s Jingye is due to be completed
next week after the Chinese side sent contracts to 3,200 employees and told 400 they were
no longer needed. Almost 10 months after British Steel’s bankruptcy, the bailout case is on the
brink of completion. The employees, who are to be laid off, were told that this would take effect
when the transaction was completed on Monday.
The deal has raised uncertainty pending of a verdict from the French government, which
has expressed disagreement with the Chinese company that bought British Steel’s Hayang
plant. There are rumors in the market that there are small signs of a decision from the French
government, but the agreement is expected to continue anyway. Jingye is expected to pay £ 70
million and invest £ 1.2 billion more.
metaltorg.ru
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