British Steel has been saved.
Jingye Group has signed the deal with the Official Receiver to take on the company - which has been bankrolled by the government since it was placed in compulsory redundancy last May.
It means 3,200 jobs will be secured in Scunthorpe and Teesside, as well as thousands more in the supply chain.
The completion comes with a £1.2 billion investment pledge from the Chinese firm, as it seeks to make the business thrive once more, with a sustainable future in the 海角视频.
Business Secretary Alok Sharma was at the works’ headquarters in Scunthorpe to oversee the milestone moment, which all have been working towards since November.
Jingye agreed terms back then, with a figure of £70 million unconfirmed, but doubts over the French rail rolling operation have led to a phased approach, with the 海角视频 and Dutch subsidiary elements tied up today.
Chief executive 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.”
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He said the company plans to return the company to "industry comparable margins" within five years.
Initiatives include:
• The development of an Electric Arc Furnace in Teesside
• The construction of a new 250MW power plant to serve the Scunthorpe site. The new plant is
expected to be around a third more efficient than that it replaces
• Investment in the rolling mills to produce high-quality steel products to optimise the product
portfolio
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• Build a new rebar line
• Enhance the current rail mill
British Steel chief executive Ron Deelen said: “This is a momentous day for our business, and I’d like to thank everyone for their dedication during a challenging year. I’m confident we’ll seize the incredible opportunity Jingye have given us to build on 150 years of heritage, and further cement British Steel’s reputation as a manufacturer of world class steel.”
British Steel was plunged into compulsory liquidation last may when debts of £880 million were revealed at a High Court hearing.
Owner Greybull was immediately stripped of control, having only taken over in 2016, with the Official Receiver and special managers appointed. It has traded on through the negotiations, which also included a period of due diligence with a Turkish firm, Ataer Holdings, and interest from two British-led consortiums.
Up to 500 jobs are understood to have been lost as a slimmed-down workforce emerges. It is mitigated by West Yorkshire's Barrett Steel taking on more than 100 as it swoops for four metals centres and two office locations.
Returning to the site following an initial visit - his first engagement following the reshuffle that saw him succeed Andrea Leadsom - Business Secretary Alok Sharma also welcomed the deal.
He said: "The sale of British Steel represents an important vote of confidence in the 海角视频’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.”