NEWS： Hebei Jingye group to acquire British Steel
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China's Hebei Jingye group said Monday it had reached a preliminary agreement to acquire British Steel and pledged to invest ? 1.2bn ($1.5bn) over the next decade to save thousands of jobs.
As Britain prepares for the election of a new government on December 12, the agreement has important political significance. The widening gap between the north and the south in England and the lack of opportunities in the north where British steel is located have become an election issue.
The deal has yet to be finalised, but Andrea leadsom, the UK business secretary, said in a video that she was optimistic the deal was reached.
Li Chengpo, chairman of Jingye group, said the goal is to build a world-class group.
"We believe that this merger will create a strong, profitable and sustainable enterprise that will produce the innovative high-quality steel products the world needs, while ensuring the long-term future of thousands of jobs," he said in a statement.
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