The Chinese company in pole position to save British Steel is aiming to strike a deal to take over the failed manufacturer by the middle of this month, according to people briefed on the situation.
Jingye Group has emerged as the frontrunner to buy the stricken steelmaker out of insolvency, following almost six months of uncertainty for 5,000 workers who are mostly based at the large Scunthorpe plant in Lincolnshire.
It hopes to reach an agreement in principle with the official receiver in charge of the liquidation process by about November 10, said the people briefed.
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