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British Steel: Takeover by Chinese firm completed

A Chinese firm completed its takeover of British Steel on Monday.
Jingye Group said that the move would save more than 3,000 jobs in Scunthorpe and Teesside and it would modernise the towns' steelworks.
The firm reportedly offered £50m to buy the company after it collapsed and was placed under the control of the UK Insolvency Service last year.
Unions have said that although the deal "must be celebrated", nearly 500 workers still face losing their jobs.
British Steel employed about 5,000 people at the time of its collapse, and is the second-largest steelmaker in the country.
Jingye Group, which also makes steel, has promised to invest about £1.2bn over the next 10 years on upgrading its plants and machinery.
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