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China's Jingye Group agrees outline deal to rescue British Steel


Added 11-11-19 11:03:02am EST - “China's Jingye Group said on Monday it has reached a provisional deal to bu...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “China's Jingye Group agrees outline deal to rescue British Steel”. Below is an excerpt from the article.

BEIJING/LONDON (Reuters) - China’s Jingye Group said on Monday it has reached a provisional deal to buy British Steel and promised to invest 1.2 billion pounds ($1.5 billion) over the next decade and save thousands of jobs.

An agreement is of major political significance as Britain prepares to elect a new government on Dec. 12. The lack of opportunities in northern England, where British Steel is based, is an election issue, as the social gap between north and south widens.

The deal has yet to be finalised, but Business Minister Andrea Leadsom said in a video clip she was optimistic it would be.

“We believe that this combination will create a powerful, profitable and sustainable business that will ensure the long-term future of thousands of jobs while producing the innovative high-quality steel products that the world needs,” he said in a statement.

The value of the deal was not disclosed. Earlier a BBC report saying a deal was imminent gave a figure of 70 million pounds ($90 million), while sources close to the talks said the price was likely closer to 50 million pounds.

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