Executives from China’s Jingye visited British Steel’s French Hayange plant this week to try accelerate the possible acquisition of the troubled UK steelmaker’s assets.
French authorities have in recent weeks often stressed that they would veto the sale of British Steel to Jingye if the French unit was put under threat from the acquisition (see Kallanish passim). During the visit this week the executives announced a series of investments for the French rail mill if the sale is concluded.
According to the announcement, Jingye would increase the plant’s production to 500,000 tonnes/year, investing in a new finishing line and new stock areas.
The executives also confirmed they are expecting a final decision by the end of the first quarter.