Efforts to complete the rescue deal for British Steel continue, Business Secretary Andrea Leadsom has told Business Live.
Chinese-owned Jingye Group has agreed to buy the major manufacturer, with a 拢1.2 billion investment package understood to be a key feature.
Asked about the progress, almost a month on from the announcement, the Conservative frontbencher said: 鈥淲e are working flat out to get that deal over the line.
鈥淚 was so delighted when Jingye signed the sale and purchase agreement with the Official Receiver.
鈥淥bviously British Steel is a vital part of the Scunthorpe area鈥檚 working life. Generations have worked at the steel plant there, and it currently employs 4,000 people directly, and up to 20,000 in the supply chain, so I am really keen to see this deal go through.
鈥淲e are working closely with Jingye to make sure we can get it completed, and I remain very optimistic.鈥
Under the deal, Jingye would acquire certain assets of British Steel from the Official Receiver, subject to regulatory approvals and certain employee consultation procedures.
This would include the steelworks at Scunthorpe and 海角视频 mills at Teesside Beam Mill and Skinningrove, and the subsidiary businesses FN Steel, British Steel France and TSP Engineering.
It is anticipated that the shares owned in Redcar Bulk Terminal would also be included in the sale.
British Steel was placed into compulsory liquidation in May when debts of 拢880 million were revealed at a High Court hearing.
Bail-out pleas from previous owner Greybull had been declined by Mrs Leadsom鈥檚 predecessor Greg Clark, due to the financial position the business was in, having already eased issues over carbon responsibilities.
Turkish firm Ataer Holdings had been the preferred bidder, but when the due diligence exclusivity window expired, Jingye Group came forward.
Mrs Leadsom gave the update during a tour of Orsted's East Coast Hub in neighbouring Grimsby.
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