Jingye Group, a manufacturer of steel products, completed the acquisition of British Steel, a manufacturer of steel products. Financial terms were not disclosed. Jingye has pledged to invest £1.2bn ($1.6bn) to place the business on a more competitive and sustainable footing. Jingye plans to return the company to industry comparable margins within five years. “This is a momentous day for our business, and I’d like to thank everyone for their dedication during a challenging year. I’m confident we’ll seize the incredible opportunity Jingye have given us to build on 150 years of heritage, and further cement British Steel’s reputation as a manufacturer of world class steel,” Ron Deelen, British Steel CEO.