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Ernst & Young Completes British Steel Sale to Jingye-The 21st China (Guangzhou)Int’l Fastener & Equipment Exhibition
3/16/2020 緊固件展-緊固件采購會-國際緊固件展-fastener expo |
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The Official Receiver and special managers from Ernst & Young have sold some of the business and assets of British Steel to Chinese steel giant Jingye Steel. The sale to Jingye Steel (UK) Ltd and Jingye Steel (UK) Holding Ltd includes the steelworks at Scunthorpe; UK mills in Teesside and Skinningrove, shares of FN Steel BV and the TSP Engineering business based in Cumbria. Discussions continue to resolve the regulatory approvals required to sell British Steel’s French subsidiary, based in Hayange, to Jingye. The Official Receiver, David Chapman, appointed by the High Court in May 2019 as liquidator along with special managers at EY to assist, said “The sale of British Steel is the culmination of nine months of work to transition this business to a new owner committed to its future. I am grateful to the British Steel workforce for their professionalism during difficult times as the business continued to trade and to its customers who have continued to show their confidence in the products the company produces. This show of commitment was an essential element in concluding the sale.”
The sale of British Steel will secure approximately 3200 jobs, but around 440 employees have not received offers of employment in the new company.
Jingye Group CEO Li Huiming said: “It has not been an easy journey since we first announced our intentions in November but the longer I have spent in Scunthorpe, the more I have come to believe in the successful future of these steelworks and the employees that have made them famous throughout the world. Together, we can forge a new partnership that will mark the beginning of a new illustrious chapter in the history of British steelmaking.”
UK’s Business Secretary Alok Sharma said “The sale of British Steel represents an important vote of confidence in the UK’s steel industry. It also marks the start of a new era for those regions that have built their livelihoods around industrial steel production. I would like to pay tribute to everyone who has been involved in getting this deal over the line, in particular to British Steel’s workforce for whom I recognise the uncertainty will have been challenging. I also want to reassure British Steel employees who may be facing redundancy that we are mobilising all available resources to give immediate on the ground support and advice to those affected.”
緊固件展-2020第二十一屆廣州國際緊固件及設備展覽會-巨浪展覽
-The 21st China (Guangzhou)Int’l Fastener & Equipment Exhibition
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