JPG PDF PNG ? zip

PES Media

  • Articles
    • News
    • Features
    • Products
  • Video
  • Magazine
    • Digital Editions
    • Subcontractor Sourcing Guide
    • Latest Newsletter
    • Editorial Programme
    • Search Engine
  • Literature
  • Events
  • Associations
  • Subscribe
  • Advertising
    • Digital Advertising
    • Editorial Programme 2020
    • Media Pack 2021
    • Rates & Specs
  • Contact Us

Industry reacts to sale of British Steel to Chinese bidder Jingye

9 March 2020 • In News
Industry reacts to sale of British Steel to Chinese bidder Jingye

Image: British Steel

British Steel, which went into compulsory liquidation last year, has been sold to the Chinese steelmaker Jingye, the official receiver has confirmed.

The steelmaker employed 5,000 people when it collapsed in May 2019. The sale to Chinese bidder Jingye secures approximately 3,200 jobs, while around 400 employees have not received offers.

Commenting on the sale, Gareth Stace, UK Steel director general, said: “The completion of the sales process for British Steel is fantastic news for British Steel and its workforce. British Steel is a major strategic asset, representing over a third of Britain’s steel production, so this news will be also warmly welcomed by their many customers in numerous manufacturing and infrastructure supply chains who rely upon on a strong domestic steel industry.

“After almost a year of huge uncertainty, punctuated by numerous setbacks, to have completed the sale of British Steel to a long term investor with a positive and ambitious plan for the future is a hugely significant accomplishment and one the Government must be congratulated on. Three successive business secretaries have been unwavering in their support for the company, and this must be welcomed and recognised.

“As we turn the page on this particular chapter in the steel industry, I implore the Government to learn the lessons from this narrowly averted crisis and not return to business as usual. It is important we move on from the current reactive approach, to one in which a shared, long-term strategic vision sits front and centre; a New Deal for all UK steel producers. Our thoughts were echoed by the Teesside mayor, Ben Houchen, last week when he spoke of the uselessness of “sticking plasters”.

“There is no time like the present, and the chancellor has an opportunity to deliver meaningful action in Wednesday’s Budget, the first major fiscal event since the general election. Action for steel producers on sky high electricity prices, business rates reform, and much needed innovation funds, can all help start that process of revitalisation and renewal, placing the sector on a clear trajectory towards a low carbon future.

“The Government has its first opportunity this week to truly deliver on its pledge to level up the UK. The steel industry employs tens of thousands of people outside the South East in high skilled, well paid jobs, in exactly the communities that the Government seeks to transform. In a further signal of intent and support, the Government must sign up to the UK Steel Charter ensuring that British steel producers and workers from Scunthorpe, South Yorkshire and  South Wales, all benefit from the billions of pounds worth of Government infrastructure investments, including the £100 billion estimated spend on HS2.

“The steel industry is ready to invest in its future in the UK, all it requires is a partnership with Government to help deliver a level playing field that can unlock its potential.”

UK Steel
www.makeuk.org/about/uk-steel

Michael Tyrrell

Author

Michael Tyrrell
Digital Coordinator

Tags

British Steel Steel Industry

Share This Article

Tweet

Share

Share

Share

Subscribe to our FREE Newsletter

Related Articles

British Steel on recruitment drive while increasing production

2 months ago Michael Tyrrell
news

British Steel secures £50m from Secure Trust Bank 

3 months ago Dave Tudor
news

British Steel's CEO responds to Covid-19 pandemic

4 months ago Michael Tyrrell
news

Most recent Articles

Bentley extends COVID-19 safety measures at Crewe factory

12 hours ago Michael Tyrrell
news

JCB leads purge on potholes

13 hours ago Dave Tudor
news

UK gigafactory teams up with Siemens for digital twin technology

14 hours ago Michael Tyrrell
news

Share This Article

Tweet

Share

Share

Share

Subscribe to our FREE Newsletter

Subcontractor Sourcing Guide 2021

Subscribe to our FREE Media Network

INFORMATION

    • Contact Us
    • Privacy
    • Cookie Policy

CATEGORIES

  • Features (2,601)
  • Literature (174)
  • News (5,465)
  • Products (1,457)
  • Video (592)

TAGS

  • Multi-spindle
  • Heat treatment
  • GTR
  • Arlington Aerospace
  • Tool24

OUR OTHER MAGAZINES

Aerospace Manufacturing Logo Composites in Manufacturing Logo

CONTACT INFORMATION

  • PES Magazine
  • MIT Publishing
  • Featherstone House
  • 375 High Street
  • Rochester
  • Kent
  • ME1 1DA
01634 830566

Back To Top

1998 - 2021 © MIT Publishing
Site designed & developed by TJC