According to British media reports, on November 11, China Jingye Group Co., Ltd. and British Steel Company, the second largest steel company in the UK, reached an acquisition agreement, agreeing in principle to buy British Steel Company for 70 million pounds (about 630 million yuan), so that its local about 5000 employees and about 20000 employees in the upstream and downstream of the industrial chain in the UK can avoid unemployment crisis.
In July, Jingye group made a comprehensive bid for British Steel Company. On November 4, Li Chengpo, chairman of Jingye group, and his party focused on the main plant area of British Steel Company in Lincolnshire. During the investigation, Jingye group promised to inject £ 1.2 billion (about RMB 10.818 billion) into British Steel Companies in the next 10 years if the acquisition progresses.
It is reported that in its heyday, British steel companies accounted for more than 90% of British steel production capacity. In 1999, British Steel Company and Holland hoggwen company merged to form British Corus group. In 2007, Corus group was acquired by Tata Steel. In 2016, Grenoble capital management acquired British Corus group from Tata Steel at a symbolic price of £ 1, restoring its name as "British Steel" and making it profitable briefly in 2017. On May 22, 2019, British Steel Company declared bankruptcy due to the uncertainty brought about by brexit, the increase of steel and aluminum tariffs imposed by the United States on the European Union, the rise of global raw material prices and other factors, as well as the failure to obtain assistance from the British government.
Separately, the Turkish military pension fund oyak has been listed as a potential buyer of British Steel by the British government and plans to complete the transaction by the end of this year. But British lawmakers are unhappy with the buyer over Turkey's military action in Syria.
