In a statement, the British Steel receiver said the deal includes the steel works at Scunthorpe and shares of FN Steel BV, British Steel France Rail SAS and TSP Engineering, as well as the shares owned by BSL in Redcar Bulk Terminal Ltd. The sale is pending regulatory approval and is conditional on a number of matters, the receiver said. 

A purchase price was not disclosed, but Jingye reportedly plans to invest GBP1.2 billion in the business over the next decade, according to the Bloomberg news service. 

Gareth Stace, director general of the UK Steel trade association, said the news is certainly welcomed. He also said a commitment to long-term investment and production must be at the center of any sale that moves ahead. 

“British Steel’s production facilities in Scunthorpe and elsewhere in the northeast represent one-third of the UK’s steel production and are a major strategic asset to our country; their loss would leave our manufacturing, construction and infrastructure capability in a considerably poorer state,” he said.  

“(The) announcement is a huge hurdle overcome on the way to delivering a sustainable future for this cornerstone of British industry.”