The British government is holding talks with Turkey’s Cengiz Holding about the purchase of British Steel if the deal with the Chinese rebar producer Jingye falls through, according to a report by the Guardian.
In November last year, Jingye agreed in principle to buy British Steel for £50 million, saving possibly up to 4,000 jobs in the United Kingdom.
“A sale to Jingye still faces several obstacles, including fraught negotiations with suppliers to British Steel and concern among trade unions at the prospect of cuts to jobs and employment benefits,” the report in the Guardian said.
As previously reported by SteelOrbis, another bidder for British Steel, Turkey-based Ataer Holding, had announced a negative decision on its possible acquisition of the UK-based steelmaker after a two-month exclusivity period.