Jingye completes British Steel purchase
Chinese steelmaker Jingye Group has completed its acquisition of the majority of British Steel's assets, the official receiver, Ernst & Young, confirmed today.
The sale includes the steelworks at Scunthorpe, UK mills in Teesside and Skinningrove, shares of FN Steel BV and the TSP Engineering business based in Cumbria. The future of the French steelworks at Hayange is still pending the permission of the French authorities, but discussions with Jingye are ongoing.
"Jingye has shown a great desire to effect ambitious plans that will invest in British Steel and help the business to once again be competitive on the world map," an Ernst & Young spokesperson said. But about 400 employees have not yet received offers from Jingye, he said.
British Steel, which has aproduction capacity of 4.5mn t/yr, at present operates four basic oxygen furnaces running on iron ore and coking coal. There have been discussions with Jingye Group about the possibility of converting the furnaces to electric arc furnaces, which use scrap as a feedstock.
By Sara Warden
source: Argus Media
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
