British Steel’s steelmaking plant in Scunthorpe (Image: British Steel)
The Official Receiver has confirmed reports that Chinese industrial group Jingye plans to buy British Steel out of liquidation.
Jingye Steel (UK) and Jingye Steel (UK) Holding have entered into a sales contract for the British Steel business and assets, as well as the steelworks at Scunthorpe and its UK mills.
The sale also includes the shares owned by BSL in Redcar Bulk Terminal.
Completion of the contract is conditional on the necessary regulatory approvals and the Official Receiver said the parties “are working together to conclude a sale as soon as reasonably practicable”.
The business will continue to trade as normal, having entered liquidation in May this year.
In August, York-based consultancy, design and engineering firm TSP Projects, a wholly owned subsidiary of British Steel, was sold to French firm Systra, saving 400 jobs.
