The Turkish Armed Forces Assistance Fund (known as Oyak) has reached a tentative deal to buy British Steel, which employs 5,000 people, out of insolvency by the end of the year. British Steel owns the Scunthorpe steel works where 3,000 people work with another 800 employed on Teesside. But the firm was put into compulsory liquidation in May after rescue talks with the government broke down. Another 20.000 jobs in the supply chain were put at risk by the collapse of the talks between the government and British Steel's owner, Greybull, prompting a parliamentary inquiry.
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