Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

China's Jingye Group Set to Announce Rescue Deal With British Steel: Source

Reports said Jingye would pay 70 million pounds ($90 million, 81 million euros) for British Steel which collapsed into liquidation in May.


Updated:November 11, 2019, 4:28 PM IST
facebookTwitter Pocket whatsapp
China's Jingye Group Set to Announce Rescue Deal With British Steel: Source
A British Steel works sign is seen in Scunthorpe, northern England. (Reuters)

London: British Steel was Monday set to announce a rescue deal by Chinese industrial giant Jingye Group, a source close to the matter told AFP.

Jingye's spokeswoman earlier confirmed that the Chinese group's chairman was in Britain for talks.

Reports said Jingye would pay 70 million pounds ($90 million, 81 million euros) for British Steel which collapsed into liquidation in May.

"An announcement is expected today," the source told AFP.

Turkish military fund OYAK last month pulled out of a deal to rescue British Steel, whose owners Greybull Capital had blamed Brexit for its financial collapse.

The European Steel Association has meanwhile urged the EU to help the bloc's struggling sector, which it said has been swamped by cheap steel from Asia since the US imposed import tariffs in 2018.

Although it did not take the steel producer into state ownership, the UK government said in May that it would keep paying staff wages in the hope that a buyer could be found.

Some 5,000 people are employed by British Steel and an estimated 20,000 more have links to the firm's supply chain.

A total 4,000 British Steel staff work in the UK, with an additional 1,000 based in France and the Netherlands.

"If this (rescue) is confirmed, then we welcome this positive step towards securing British Steel under new ownership," said a spokesman for the UK-based Community trade union.

Greybull Capital created British Steel, a maker of long steel products, in 2016 after snapping up assets from Tata Steel.

Long steel products include plates, rails for railways, sections used in construction, and wire rod.

The latter can be used as steel rope for infrastructure like suspension bridges or filaments for car tyres to give rigidity.

China's Hebei-based Jingye Group specialises in iron and steel, but has investments in tourism, hotels and real estate.

According to its website, it has total assets of 39 billion yuan ($5.5 billion) and 23,500 employees.

"A purchase by Jingye of British Steel would certainly complement what they do there in China," Gareth Stace, director general of industry lobby group UK Steel, told BBC radio on Monday.

"But actually British Steel makes rail, high-quality rail and heavy sections ... which Jingye doesn't make."

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 312.90 7.43
Tata Motors 176.75 1.96
SBI 330.95 2.83
TCS 2,067.90 2.33
Axis Bank 746.95 3.44
Company Price Change %Gain
Indiabulls Hsg 312.75 7.27
Reliance 1,577.65 0.65
Tata Motors 176.70 1.93
Yes Bank 46.50 2.54
SBI 330.90 2.83
Top Gainers
Company Price Change %Gain
Vedanta 149.60 3.89
Axis Bank 746.95 3.44
Coal India 195.75 2.95
Hindalco 207.30 2.90
SBI 330.95 2.83
Company Price Change %Gain
Vedanta 149.60 3.92
Axis Bank 746.90 3.51
TML-D 72.60 3.05
SBI 330.90 2.83
Yes Bank 46.50 2.54
Top Losers
Company Price Change %Gain
Dr Reddys Labs 2,816.00 -3.09
Bharti Airtel 428.85 -2.23
Zee Entertain 280.35 -1.39
Kotak Mahindra 1,693.55 -1.29
Bharti Infratel 249.60 -1.03
Company Price Change %Gain
Bharti Airtel 428.70 -2.19
Kotak Mahindra 1,694.00 -1.26
Bajaj Auto 3,229.00 -0.98
Asian Paints 1,741.35 -0.55

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results