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British Steel unit sold to France's Systra to save jobs - Official Receiver

British Steel unit sold to France's Systra to save jobs - Official Receiver
FILE PHOTO: A British Steel works sign is seen in Scunthorpe, northern England, Britain, May 21, 2019. REUTERS/Scott Heppell/File Photo   -   Copyright  Scott Heppell(Reuters)
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(Reuters) – One of British Steel’s units, TSP Projects, has been sold to the UK subsidiary of French engineering group Systra, a move that will save over 400 jobs, Britain’s Official Receiver said on Friday.

The Official Receiver said the deal would not impact a proposed sale of the remaining British Steel group and that talks are continuing with the preferred buyer, Ataer Holdings, an affiliate of Turkey’s military pension fund OYAK. (https://bit.ly/2ID8E3U)

British Steel, the country’s second-largest steel producer, fell into compulsory liquidation in May after Greybull Capital, which bought the firm for one pound from Tata Steel <TISC.NS> three years ago, failed to secure funding to continue its operations.

(Reporting by Muvija M in Bengaluru; Editing by Sriraj Kalluvila)

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