China's Jingye Group tables £70 million offer for British Steel

There's hope for the future of British Steel as the business - in receivership for six months - has received a rescue bid from China's Jingye Group (reports the BBC).

2019 has not been a vintage year for British Steel - in May reports emerged that owner Greybull was seeking a £75 million loan to keep British Steel trading. Talks broke down with the government not long after.

British Steel employs 4,500 but it's reckoned that it supports a further 20,000 jobs through its supply chain. 'Brexit issues' were among the reasons behind the troubles, the firm stated back in May, which has a main site in Scunthorpe, with further locations in Teeside, Cumbria and North Yorkshire.

British Steel has been kept running via the government and the Official Receiver and had been in exclusive talks with Ataer Holdings AS to complete a sale. That exclusivity ended 24 October, and last week it was confirmed that talks were underway with a Chinese bidder "with plans to expand British Steel's operations as a key strategic acquisition to develop their operations outside of China".

British Steel makes up a third of UK steel production and has 1,000 staff in France and the Netherlands - also included in the deal, said the BBC.

British Steel's Rail Technologies team was recently commended for its technological innovation to boost safety and efficiency at the Global Light Rail Awards.