Update on Sale of British Steel

Jingye Group, a leading Chinese steelmaker, is pleased to announce that it has exchanged contracts and reached an agreement to acquire certain assets of British Steel.

The Official Receiver and Special Managers from EY, Sam Woodward, Hunter Kelly and Alan Hudson, can confirm that contracts have been entered into with Jingye Steel (UK) Ltd and Jingye Steel (UK) Holding Ltd (together, Jingye), to acquire the business and assets of British Steel Limited (in liquidation) (BSL), including the steelworks at Scunthorpe and UK mills and the subsidiary businesses of FN Steel, British Steel France and TSP Engineering. It is anticipated that the shares owned by BSL in Redcar Bulk Terminal Limited will also be included in the sale.

Sale of British Steel
CEO Huiming Li (centre) with representatives from the Official Receiver and EY

Completion of the contract is conditional on a number of matters, including the requisite regulatory approvals and certain employee consultation procedures. The parties are working together to conclude a sale as soon as reasonably practicable.

The business will continue to trade as normal, during the period between exchange and completion, whilst assisting Jingye to plan for the future. Support from employees, suppliers and customers since the liquidation has been a critical factor in achieving this outcome.

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