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China's Jingye 1.2 billion pounds investment to save British Steel

chinadaily.com.cn | Updated: 2019-11-13 18:09

British Steel was on the brink of closing down, with 4,000 jobs in the UK town of Scunthorpe at risk. That is until Chinese steel and iron making company Jingye came to the rescue.

Jingye purchased the UK's second-largest steelmaker for a reported price of 50 million pounds, with plans to invest 1.2 billion pounds over the next ten years. This purchase is part of Jingye's plan to create world class steel with global scale and ambition.

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