The Chinese steelmaker Jingye Group has agreed a conditional deal this morning that should be signed and sealed next week for British Steel in Scunthorpe.
The company has released a statement this morning saying they hope to complete the deal on Monday.
However the news came as employees learned last night whether they still had a job or not.
Individual offers were sent to staff informing them of their new pay and conditions.
The Community Union say it is good news but yesterday was a bittersweet day.
- Sean Scorer, National Secretary Community Union