Share Prices & Company Research

News

12 November 2019

£70 million rescue deal for British Steel

Yesterday, a privately-owned Chinese consortium Jingye Group announced a £70 million rescue deal for British Steel.  In August, Turkey’s Army Pension Fund (ATAR) was interested, but the deal fell through in October. 
Roy Kaitcer, Investment Manager at investment management and stockbroking firm Redmayne Bentley, said:
“Jingye Group employs approximately 23,500 staff and has interests in steel, chemicals, real estate and finance to name but a few. 
“This rescue deal will have the effect of saving 4,000 jobs, 3,000 of which are based in Scunthorpe, with the balance on Teesside. Jingye promised an increase in production but warns that costs will need to be cut.  The government is also due to help in loan guarantees, believed to be about £300 million.”

 
£70 million rescue deal for British Steel
Newsletter sign up
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.