(Bloomberg) --
Chinese steelmaker Jingye Group Co. is exploring a takeover of the U.K.'s biggest steel producer, Tata Steel Ltd., Sky News reported, citing unidentified banking sources.
The firm, which took over British Steel earlier this year, has expressed a “tentative” interest to its Indian parent company, Tata Group, as well as the U.K. government, but has failed to make substantial progress so far. There is no formal sale process at this stage, Sky said.
Tata employs about 8,000 workers in the U.K., with about half of those at the Port Talbot plant in Wales.
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