British Steel, a major supplier of rail for British infrastructure manager Network Rail (NR) and other European infrastructure managers, was placed into compulsory liquidation on May 22 after rescue talks between the British government and the company’s owner Greybull broke down.
The BBC reported on November 11 that Jingye Group has agreed in principle to buy British Steel, with the British government understood to be helping the sale in the form of loan guarantees and other financial support.
British Steel has been kept running by the Official Receiver and the company was in talks with Ataer, a subsidiary of Turkey's state military retirement scheme Oyak, but these fell through.
The Financial Times reported last month that NR was planning to cut back the volume of rail bought from British Steel from around 97% to 80%, in an effort to protect itself in the event British Steel collapsed.
