Sky News revealed last month that Jingye was drawing up plans to cut around 800 jobs at British Steel, with the BBC reporting on Tuesday night that 300 redundancies would be announced this week arising from the closure of coking ovens at the Scunthorpe plant.
Any taxpayer funding is to be linked to the replacement of blast furnaces at the company's sites with greener electric arc furnaces, while Jingye would be obliged to invest at least £1bn in the business by 2030. They cautioned Mr Hunt that British Steel"does not have a viable business without government support".
British Steel employs about 4,000 people, with thousands more jobs in its supply chain dependent upon the company.
Brits boost China who inturn arms Ukraine while promising to love, honor and arm Ukraine. And on an unrelated topic:
Why bother ? Let it fail and nationalise .
Disgraceful, the government always talks strong about standing up to China then pulls this shit? Why are we actively seeking out Chinese involvement in such an important industry?
I'm sorry? Run that past me again. Did you say that we are flying to CHINA to speak to the owners of BRITISH Steel? Does anyone seriously expect China to shore up our industry at their expense? It must be hard for Beijing to keep a straight face.
The Chinese don’t want the package, jingye is chinas biggest steel producer, they will be quite happy that they bought into britains steel industry and collapsing it from within to flood our shores with their home produced crap.
TakingALiberty
This is crazy