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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 £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: “We are working flat out to get that deal over the line.

“I was so delighted when Jingye signed the sale and purchase agreement with the Official Receiver.

“Obviously British Steel is a vital part of the Scunthorpe area’s 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.

“We are working closely with Jingye to make sure we can get it completed, and I remain very optimistic.”

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 º£½ÇÊÓƵ mills at Teesside Beam Mill and Skinningrove, and the subsidiary businesses FN Steel, British Steel France and TSP Engineering.