International Steel Mills
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/be09936b828a46b9870a1408d76d9929.jpg)
China's Jingye Group Buys British Steel
Written by Sandy Williams
March 11, 2020
British Steel is now owned by China’s Jingye Group and ready to begin a “new illustrious chapter” in the history of British steelmaking. The completed sale includes the steelworks at Scunthorpe, UK mills in Teesside and Skinningrove, FN Steel in the Netherlands and TSP Engineering. Jingye is continuing separate negotiations to acquire British Steel’s French operations in Hayange.
“It has not been an easy journey since we first announced our intentions in November,” said Jingye CEO Li Hiuming. “But the longer I have spent in Scunthorpe, the more I have come to believe in the successful future of these steelworks and the employees that have made them famous throughout the world.”
“This is a momentous day for our business, and I’d like to thank everyone for their dedication during a challenging year,” said British Steel CEO Ron Deelen. “I’m confident we’ll seize the incredible opportunity Jingye have given us to build on 150 years of heritage and further cement British Steel’s reputation as a manufacturer of world-class steel.”
Jingye plans to invest £1.2 billion over the next 10 years. Growth initiatives include an electric arc furnace in Teeside, a new power plant in Scunthorpe, a new rebar line and upgrades to equipment.
Most of the 3,000-plus workers will keep their jobs, but 450 positions will be cut, said the new owners.
British Steel was purchased by private equity firm Greybull Capital for £1 from Tata Steel in 2016. Greybull was unable to secure funding for operations and the company was placed into liquidation in May 2018.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/04/sandy-williams.jpeg)
Sandy Williams
Read more from Sandy WilliamsLatest in International Steel Mills
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/SSAB.png)
SSAB adjusts output in weak Q3, readies for Q4 rebound
SSAB said lower plate prices in the US were the primary reason for reduced results in the second quarter. With a dismal Q3 outlook, the Swedish steelmaker is adjusting production across its facilities. That includes moving up its annual US mill outage in anticipation of a better Q4. SSAB Americas Revenues in the Americas segment […]
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/worldsteel_logo.png)
Global steel production dipped in June
Global steel output eased 2% in June following May’s 14-month high, according to World Steel Association’s (worldsteel) latest release.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/ArcelorMittal.png)
Union rejects proposal to end strike at ArcelorMittal Mexico
The local mining union has rejected a proposal to end the labor strike at ArcelorMittal Mexico’s Lazaro Cardenas mill and Las Truchas mine in Michoacán, Mexico.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/NLMK.png)
NLMK mill targeted in Ukrainian drone attack
Novolipetsk Steel’s (NLMK) mill in Lipetsk, Russia, was the target of a raid by Ukrainian drones on Sunday, according to a Reuters report.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/06/USS-logo.png)
USS and Nippon clarify position on US trade case participation
U.S. Steel and Nippon Steel explained their position on USS’ participation in US trade cases should their proposed nearly $15-billion merger deal go through. The companies hope to close the deal by the end of the year.