Concerns intensify over the feasibility of a rescue agreement for British Steel.

Quick Summary:

Jingye, which bought Britain’s second biggest steelmaker out of insolvency in 2020, is yet to submit a detailed, fully costed proposal that can be put before the Treasury for approval, according to people familiar with the matter.

In October 2022 the Financial Times reported that Jingye wanted £500mn of government support.

A deal for the Scunthorpe site would mirror a similar agreement with India’s Tata Steel plant at Port Talbot in south Wales.

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Article Details

Author / Journalist: Sylvia Pfeifer

Category: MarketsFinanceInvesting

Markets: United StatesIndia

Topics: Jingye Financial Tata Steel Government Jobs Support Furnaces Future British Company

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-20 @ 04:00:54 (2 weeks ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 652 words

Reading Time: 4 minutes read

Sentences: 29 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 20731658

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Official Website: ft.com

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