Chinese rebar producer Jingye Group expects to complete the takeover of British Steel in the next week, according to media reports, amid uncertainty regarding the fate of British Steel’s Hayange steel plant in France.
With this takeover, Jingye will save 3,200 jobs at the plant, while 400 will be lost. Besides, around 100 further jobs will be transferred to Barrett Steel which is buying the four British Steel distribution centers, as SteelOrbis previously reported.
The French unit of Hayange was earlier put up for sale separately.