Chinese steelmaker Jingye Group has completed the buyout of British Steel, helping secure 3,200 jobs and saving the British company from liquidation.

Vietnamese steelmakers were in need of State support to minimise the damage caused by the outbreak of the novel coronavirus disease (COVID-19), which could well reach a pandemic as dozens of countries reported new infections, said industry leaders and experts.

Chinese steelmaker Jingye Group on Monday completed the acquisition of British Steel's business and assets in Britain and the Netherlands, said the Chinese steelmaker in a statement.

ferro-alloys.com:Steel Output of China may increase after February

ferro-alloys.com:Steel Output of China may increase after February

ferro-alloys.com:Steel Output of China may increase after February

Based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, the American Iron and Steel Institute (AISI) reported today that steel import permit applications for the month of February totaled 1,823,000 net tons (NT)*.

The Covid-19 outbreak is likely to adversely impact Indian steel prices.