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The Chinese owner of British Steel is interested in buying Sanjeev Gupta’s UK steel plants

The Chinese owner of British Steel is interested in buying Sanjeev Gupta’s UK steel plants, setting up a potential geopolitical dilemma for Boris Johnson’s government. Gupta has been struggling to secure new financing for his metals empire since its main lender, Greensill Capital, collapsed in March.

Jingye Group, which acquired British Steel in late 2019, has told government officials it is willing to step in to take on parts of Gupta’s Liberty Steel, the UK’s third-largest producer, if the industrialist fails to find fresh funding, according to several people familiar with the matter.
Liberty Steel employs about 3,000 people across the country, including 1,600 at three sites in Yorkshire, which produce high-grade speciality steel for aerospace and defence customers.