China's Jingye buys British Steel: statement

Chinese industrial giant Jingye Group has agreed to buy bankrupt British Steel for an undisclosed amount, the official receiver announced Monday.

"The Official Receiver and Special Managers from EY can confirm that a sales contract has been entered into with Jingye Steel (UK) Ltd and Jingye Steel (UK) Holding Ltd to acquire the business and assets of British Steel Limited," read a statement, adding that the deal was conditional on regulatory approvals.