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A deal to rescue the Steel Works?

A deal to rescue Scunthorpe Steel works and British Steel is set to be announced.

British Steel is set to announce a rescue deal with China’s Jingye Group, which could save up to 4,000 UK.

The Jingye Group has agreed in principle to buy British Steel for £70m.

The plan is for the government to help in the form of loan guarantees and some kind of financial support.

British Steel has been kept running by the government since May when the company went into liquidation.

As well as employing 4,000 people at its Scunthorpe and Teesside sites, British Steel supports an additional 20,000 jobs in the supply chain.

It could get better as well with the Jingye Group promising to increase production, althoughit has also warned costs may need to be cut.

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