By George Stephens • 11 November 2019 • 9:45
British Steel is on the verge of sealing a £70m rescue deal with a Chinese industrial giant that could save at least 30,000 UK jobs.
The Company went into administration in May this year and receivers have been looking for a buyer with a rescue package.
The buyout by Jinge could be announced by the Official Receiver, which has been managing the administration later today with any luck and bring relief to many thousands of families who have members working at a steel works.
The firm has also held out the prospect of being able to draw on up to £300m in loans, indemnities and grants to back its plan to hike production at the Scunthorpe plant by 10%.
Staff at the Lincolnshire site have been told in an email that contracts between British Steel and Jingye have been exchanged, it has been reported.
The fate of more than 4,000 British Steel workers, and up to 25,000 additional jobs in its supply chain, rest on securing the company’s future, and that of its plants in Scunthorpe and northeast England.
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