Chinese Steelmaker Acquires British Steel
Jingye Group, a Chinese steelmaker, acquired British Steel’s facilities in the U.K. and the Netherlands, a move that will secure approximately 3,200 jobs. Jingye will invest approximately $1.5 billion in the business. Initiatives include: the development of an electric-arc furnace (EAF) in Teesside; the construction of a new 250-MW power plant to serve the Scunthorpe site; investment in the rolling mills to produce high-quality steel products; the construction of a new rebar line; and enhancing the current rail mill.
Assets included in the transaction include British Steel’s steelworks at Scunthorpe and U.K. mills at Teesside and Skinningrove, as well as subsidiary businesses FN Steel in the Netherlands and TSP Engineering. It does not include British Steel’s French operations at Hayange.