Hayange British Iron and Steel Works in France sold separately

British Steel Jingye's Chinese buyers were reportedly furious as it was revealed that British Steel's French plant was being sold separately from the rest of the company. The deal included all of British Steel's assets, including subsidiaries such as the Hayange plant in northern France, which produces rails for rail lines. A new buyer search process is underway for the plant, which is a strategic industrial asset for the French government, meaning it can grant or deny approval for any change of ownership. The new sale process was undertaken as contingency planning in the event of a failed Jingye deal.

Last week, announcements were seen in the French financial newspaper Les Echos offering the sale of an unnamed steel rail mill, which employs about 450 people in northern France. Sources confirmed that the site in question was indeed the Hayang plant. The plant produces steel for the French railway network, including the state-owned train operator SNCF, and is considered a strategic asset.

The GMB union has expressed concern about the new development. National Representative Ross Murdoch said: “GMB will seek assurances from Jingye that they are committed to keeping the business complete. We will also seek commitment from Jingye that their business plan is robust enough to withstand any proposed rift and that there is no danger. about a deal for UK sites to be disrupted if the French government decides to withdraw their approval. "

Last month, China's Jingye struck an agreement to buy the entire failed manufacturer, with the firm paying around £ 50 million to take over the business while saving 4,000 jobs.