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9 March 2020

UK Steel Director General, Gareth Stace, has welcomed the completion of the sales process of British Steel Ltd to Jingye:

“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.

Gareth Stace has also urged 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."  

Download the full press release: