Jingye completes British Steel purchase

摘要

Over 3,000 jobs have been saved after Chinese steelmaker, Jingye Group, completed the acquisition of British Steel's British and Dutch operations, including the steelworks at Scunthorpe and UK mills at Teesside Beam Mill and Skinningrove, as well as subsidiary businesses FN Steel in the Netherlands and TSP Engineering in Cumbria.Jingye has pledged to invest £1.2 billion to place the business on a more competitive and sustainable footing, aiming to return the company to industry comparable margins within five years. Plans to achieve this include the development of an Electric Arc Furnace in Teesside, investment in the rolling mills and the construction of a new 250MW power plant to serve the Scunthorpe site, which is expected to be around a third more efficient than that it replaces.