Jingye moves ahead with British Steel takeover, saving 3,200 jobs

Chinese steelmaker Jingye Group said on Tuesday it has agreed to proceed towards the completion of its buyout of British Steel, saving 3,200 jobs and unlocking 1.2 billion pounds ($1.5 billion) in investment.

Jingye said in a statement it will acquire British Steel's main plant, in the northern English town of Scunthorpe, despite not having a reply from the French government about its French unit, which had been seen as a potential stumbling block to the deal. ($1 = 0.7816 pounds)