British Steel rescue by Chinese firm Jingye could save up to 4,000 jobs

British Steel has rescued by Chinese firm Jingye potentially saving up to 4,000 jobs, the Insolvency Service has said.

The Government announced that the liquidators for the steel business, which had been in talks with Turkish firm Ataer, has entered into a contract with Chinese industrial firm.

It said the deal would see Jingye purchase the steelworks at Scunthorpe in North Lincolnshire as well its other UK mills.

The Official Receiver said: “Completion of the contract is conditional on a number of matters, including gaining the necessary regulatory approvals.

“The parties are working together to conclude a sale as soon as reasonably practicable.”

The business will continue to trade as normal during the period between exchange and completion.