LONDON, Nov 11 — China's Jingye Group is set to buy British Steel for £70 million (RM371 million) in a move that could safeguard thousands of jobs in Britain, the BBC reported today.
British Steel was put into compulsory liquidation on May 22. Closure of the firm, which produces high-margin, long steel products used in construction and rail networks, would jeopardise 5,000 jobs in Scunthorpe, northern England, and a further 20,000 jobs in the supply chain. — Reuters
