British Steel set to be rescued in £70m deal with Chinese firm

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chinese industrial firm Jingye is set to rescue British Steel after agreeing a £70m deal that could save up to 4,000 jobs and help support 20,000 more in the supply chain. The UK government's official receiver confirmed on Monday that it had accepted Jingye’s offer to buy British Steel out of liquidation on Monday after talks with a prospective Turkish buyer collapsed. “GMB’s position is the new owner takes on the whole workforce on existing terms.” Jingye says it anticipates making job offers to as many British Steel employees as possible. “It looks as if we’re coming to a point where a new owner may well be determined and that would be very good news for the business and the communities that are around it.” Gareth Stace, director general of trade body UK Steel, said: “While there remains much work still to be done, today’s announcement is a huge hurdle overcome on the way to delivering a sustainable future for this cornerstone of British industry.