A buyer for British Steel is welcome but what’s Jingye’s strategy? | Nils Pratley

It’s hard to see why the Chinese firm wants to take over a
loss-making business in a tough market

Half the woes for steelmakers in Britain derive from dumping
into world markets by Chinese producers, or so we have been told
for a couple of decades. So it is a strange sort of rescue for
British Steel that
ownership should pass
to a little-known Chinese conglomerate,
Jingye, offering a vague promise to invest a large sum.

Any buyer is better than none, of course, since the effects of
irreversible closure of the Scunthorpe steelworks would be
appalling. Top of the list would be 4,000 jobs, with another 20,000
in the supply chain. Then there would be the huge environmental
clean-up costs.

Source: FS – All-News2-Economy
A buyer for British Steel is welcome but what’s Jingye’s strategy? | Nils Pratley