The Jingye Group is based in Chinas Hebei Province, with Group headquarters in Beijing. According to its website, Group turnover in 2019 was around CNY 90.1 billion(around EUR 11.5 billion), which ranked Jingye 217th in the top 500 Chinese enterprises Jingye employs around 23, 500 people and as well as steelmaking is involved in 3D printing, powder metallurgy, tourism, hotels and real estate.

British Steel was on the brink of closing down, with 4,000 jobs in the UK town of Scunthorpe at risk. That is until Chinese steel and iron making company Jingye came to the rescue.

Jingye purchased the UK's second-largest steelmaker for a reported price of 50 million pounds, with plans to invest 1.2 billion pounds over the next ten years. This purchase is part of Jingye's plan to create world class steel with global scale and ambition.

The Official Receiver confirmed that a sales contract has been entered into with Jingye Steel (UK)Ltd and Jingye Holding Ltd to acquire the business and assets of British Steel Limited.

The sale includes the British Steel steelworks at Scunthorpe, UK Mills and shares of FN Steel B V, British Steel France Rail SAS and TSP Engineering. It also includes shares owned by BSL in Redcar Bulk Terminal Limited.