LONDON (Reuters) – China’s Jingye Steel has entered into a “sales contract” to buy the assets of British Steel but the deal has not been finalised, British officials said on Monday.

The Official Receiver did not give a price but said the two sides had reached a provisional agreement. Britain’s Business Minister Andrea Leadsom said in a video clip posted on Twitter that the takeover was not finalised but she was optimistic that it would go ahead.