Rescue of British Steel by China's Jingye confirmed

Britain’s Insolvency Service has confirmed that that a deal has been struck to rescue British Steel, potentially safeguarding some 4,000 jobs

Britain’s Insolvency Service has confirmed that that a deal has been struck to rescue British Steel, potentially safeguarding some 4,000 jobs.

The government did not release details on the acquisition of the company by Jingye Steel.

The BBC reported earlier Monday that an agreement in principle had been made for a 70 million-pound ($90 million) deal with the Chinese industrial company.

The acquisition includes the steelworks at Scunthorpe, U.K. mills and shares of FN Steel BV.