(Yicai Global) March 11 -- Jingye Group said its acquisition of British Steel, the UK's second-largest steelmaker, has saved more than 3,200 jobs in the country and it plans to invest GBP1.2 billion (USD1.6 billion) upgrading mills over a decade to make the bankrupted industrial giant more competitive.

Jingye has completed its takeover of British Steel, the Hebei province-based company said in a WeChat statement today, without disclosing how much it paid. Media reports suggest Jingye spent GBP70 million (USD90.5 million).

The acquisition hands China's largest private steel rebar maker control of one-third of the UK's steel production capacity. That includes British Steel's main plant in its headquarters city of Scunthorpe, as well as mills in Teesside and Skinningrove.

In late October, Jingye's senior management started working on due diligence which usually takes half a year but was done in just two weeks, the statement said. The two parties penned a framework deal last November.

British Steel was founded in the 1960s amid the sector's nationalization. At its peak, the company produced about 90 percent of all the steel made in the UK. Due to waning business, the firm went into liquidation last May. It had about 5,000 staff when it collapsed.

Shijiazhuang-based Jingye made CNY127.4 billion (USD18.3 billion) in revenue last year, according to public data. Its headcount is 23,500.

Editor: Emmi Laine