Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Credit
Company

Chinese steelmaker's acquisition of British Steel to boost China-UK co-op under BRI

April 03, 2020


Abstract : Chinese steelmaker Jingye Group's acquisition of UK's second-largest steelmaker British Steel is expected to help boost cooperation between China and UK under the Belt and Road Initiative.

LONDON, April 3 (Xinhua) -- Chinese steelmaker Jingye Group's acquisition of UK's second-largest steelmaker British Steel is expected to help boost cooperation between China and UK under the Belt and Road Initiative.

British steel completed the deal with Jingye nearly 10 months after it collapsed into liquidation following unsuccessful negotiations with the British government over a bailout.

It's reported that the transaction was finished on March 9 local time, with assets involving British Steel's steelworks at Scunthorpe and UK mills at Teesside Beam Mill and Skinningrove, and the subsidiary businesses FN Steel, British Steel France and TSP Engineering.

In a statement issued on March 9, Jingye Group said the completion would secure the future of approximately 3200 jobs and pledged to invest 1.2 billion pounds (about 1.6 billion U.S. dollars) to place the business on a more competitive and sustainable footing, aiming to return the company to industry comparable margins within 5 years.

The cooperation between Jingye Group and British Steel would give a fresh boost to China-UK relations and provide a new stimulus to the two parties' cooperation under the Belt and Road Initiative, said the Chinese Ambassador to the United Kingdom Liu Xiaoming.

Roy Rickhuss, general secretary of steelworkers' trade union Community, hailed that the sale marked of a new chapter, saying "Jingye is not just taking over a business, they are taking on thousands of workers and giving new hope to steel communities in Scunthorpe and Teesside."

Based in Hebei province in North China, Jingye Group produced 15 million tonnes of steel annually and exports to 80 countries around the world. (Contributed by Yang Hairuo, edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)

Scan the QR code and push it to your mobile phone

Keyword: steel BRI Jingye Group

Reading:

Roundup: Africa's anti-virus capability boosted by China's actions

JD to offer 250m yuan in coupons during April shopping event

China sees booming digital economy amid epidemic

Hubei snack food makers shrug off small impact

Brembo and the Chinese Hixih Rubber are the new major shareholders of Pirelli

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial