China's Jingye Group to buy British Steel for $90 mln

China's Jingye Group is set to buy British Steel for 70 million pounds ($90 million) in a move that could safeguard thousands of jobs in Britain, the BBC reported on Monday.

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 jeopardize 5,000 jobs in Scunthorpe, northern England, and a further 20,000 jobs in the supply chain. ($1 = 0.7815 pounds)