March 3, 2020 / 10:00 AM / a month ago

BRIEF-Jingye Agrees Conditional Completion Of British Steel Acquisition

March 3 (Reuters) - Jingye Group:

* JINGYE AGREES CONDITIONAL COMPLETION OF BRITISH STEEL ACQUISITION

* JINGYE - HAS AGREED TO PROCEED TOWARDS COMPLETION OF ITS PURCHASE OF BRITISH STEEL FROM THE OFFICIAL RECEIVER

* JINGYE - HAS AGREED TO PROCEED TOWARDS THE COMPLETION OF ITS PURCHASE OF BRITISH STEEL FROM THE OFFICIAL RECEIVER

* JINGYE - COMPLETION OF PURCHASE OF BRITISH STEEL TO TAKE PLACE ON MARCH 9

* JINGYE - TO BUY BRITISH STEEL’S STEELWORKS AT SCUNTHORPE AND UK MILLS AT TEESSIDE BEAM MILL AND SKINNINGROVE

* JINGYE - ABOUT 100 JOBS WILL TRANSFER TO BARRETT STEEL FOLLOWING SALE OF 4 BRITISH STEEL DISTRIBUTION CENTRES

* JINGYE - TO BUY BRITISH STEEL’S SUBSIDIARY BUSINESSES FN STEEL AND TSP ENGINEERING

* JINGYE - COMPLETION OF DEAL WILL ALSO UNLOCK THE PLEDGED INVESTMENT OF £1.2BN BILLION

* JINGYE - FRENCH GOVERNMENT NOT YET MADE JUDGEMENT ON ITS PROPOSED ACQUISITION OF BRITISH STEEL FRANCE

* JINGYE - WILL CONTINUE TO WORK TO REACH POSITIVE CONCLUSION ON FUTURE OF HAYANGE PLANT IN FRANCE Further company coverage:

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