In a statement, Jingye said it will complete the transaction in stages, first closing on British Steel’s assets in the U.K. and the Netherlands before closing on its French assets.

According to the London-based financial newspaper City A.M., British Steel’s Hayange plant in France was put up for sale separate from its other facilities last year.

Jingye said it will continue to pursue acquisition of that facility.

“Jingye believes that the employees of British Steel, its customers, and those who rely on the business deserve certainty on their future and has therefore agreed to first complete the acquisition of British Steel operations in the U.K. and the Netherlands,” it said.

“Jingye will continue to work hard to reach a positive conclusion on the future of the Hayange plant in France.”

In the meantime, the company said it is glad to be finalizing a sale for the U.K. assets. 

“These steel works have existed for around 150 years, and we are excited about what we can collectively achieve at British Steel to build a successful future for many years to come,” said  Jingye chief executive Li Huiming.

The deal, which the BBC reports to be worth 50 million pounds, will save 3,200 jobs at the struggling steelworks.

The U.K. Insolvency Service has been operating the mill after the steelmaker’s collapse in May 2019. Jingye has promised to invest 1.2 billion pounds in the operation.