The deal, which is believed to have cost £50 million ($55.51 million), brings to an end a nine-month search for a new owner of the UK's second-largest steelmaker.
Assets included in the deal include British Steel’s steelworks at Scunthorpe and UK mills at Teesside Beam Mill and Skinningrove, as well as subsidiary businesses FN Steel in the Netherlands and TSP Engineering.
The transaction does not include British Steel’s French operations at Hayange. The company said this is still subject to further negotiations with the relevant authorities in France and is hoped to be concluded separately.
Jingye has pledged to invest £1.2 billion to “place the business on a more competitive and sustainable footing” and expects the company to return to industry comparable...