Government officials are to travel to China to encourage Jingye to accept a bailout package even as it progresses plans to cut hundreds of jobs at British Steel, Sky News learns
Sky News revealed last month that Jingye was drawing up plans to cut around 800 jobs at British Steel, with the BBC reporting on Tuesday night that 300 redundancies would be announced this week arising from the closure of coking ovens at the Scunthorpe plant.
Any taxpayer funding is to be linked to the replacement of blast furnaces at the company's sites with greener electric arc furnaces, while Jingye would be obliged to invest at least £1bn in the business by 2030. They cautioned Mr Hunt that British Steel"does not have a viable business without government support".
British Steel employs about 4,000 people, with thousands more jobs in its supply chain dependent upon the company.
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