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Jingye to acquire British Steel next week

Community
Community
3rd March 2020

Responding to the news that Jingye will complete the acquisition of British Steel next week, Roy Rickhuss, General Secretary of Community, said:

“It is welcome news that the completion of the deal is now in sight. This has been a long and, at times, very difficult process and so we are pleased to hear confirmation that Jingye will acquire British Steel next week. This is all credit to the world class workforce who have kept British Steel running through this long period of uncertainty.

“We look forward to working with Jingye as they bring forward the £1.2 billion of investment, which should have a transformational effect on the business and will ensure it has a sustainable future.

“There is still plenty of work to be done in the coming weeks. Not least supporting those who did not receive job offers yesterday. We argued that everyone should be taken over into the new company and we are continuing to make the case on behalf of our members for the maximum number of employees to be transferred to the new business. We also hope that the Hayange plant can be part of the future of British Steel as it is an important element of the downstream supply chain from Scunthorpe.

“The government took the right approach to support the company through liquidation but it still has a role to play in ensuring a level playing field for the UK industry to compete in a global market. We will continue to call for further action on energy costs, procurement and business rates, so that British Steel and other steel producers have the best chance of success.”

The £50 million deal is to be signed next Monday 9 March.

Ends.

  1. Community represents the majority of steelworkers and contractors at British Steel across its Scunthorpe and Teesside operations.

Further media information: Matt Ball 07799 772250