The UK government has indicated it might restrict or deny compensation to Jingye Group, the Chinese owner of British Steel, after the company initiated proceedings under a bilateral investment treaty. The nationalization of the steelworks, which cost the government £1.3m daily, is proceeding through Parliament.
Jingye Steel, the Chinese owner of British Steel, has initiated a formal process under the UK-China bilateral investment treaty to seek compensation from the UK government following the nationalisation of the Scunthorpe steelworks. The company aims to recover over £1bn, potentially impacting UK-China relations.
UK Business Secretary Peter Kyle will meet EU Trade Commissioner Maroš Šefčovič to discuss planned EU tariff-free import reductions for British steel. The EU's proposed 47% cut from July 1st, alongside the UK's 60% reduction, sparks fears of collateral damage and retaliatory measures, impacting industries on both sides.
UK Business Secretary Peter Kyle will meet EU trade commissioner Maroš Šefčovič to discuss planned EU cuts to tariff-free steel imports. The UK industry fears "devastating" consequences from the EU's 47% reduction, while EU leaders worry about UK retaliation. Both sides are introducing safeguards against Chinese competition, but fears grow of collateral damage.
The UK plans to nationalise British Steel, prompting China to warn of protecting its businesses. The move follows the UK's seizure of operational control from Chinese owner Jingye in April 2025 due to the plant's financial struggles.
Labour's King's Speech unveils bills to reset EU relations, nationalise British Steel, reform NHS, education, housing, and immigration, amidst potential backlash from Labour MPs on asylum measures.
The UK government's plan to nationalize British Steel is expected to cost taxpayers billions, with estimates suggesting over £1.5 billion by 2028 and an additional £1 billion for transitioning to an electric arc furnace, amid efforts to decarbonize the industry and attract investors through potential mergers.
Keir Starmer’s plan for full state ownership marks latest chapter in Scunthorpe plant’s troubled historyFull nationalisation of British Steel expected in king’s speechNils Pratley: More questions than answers on the futureFour queens – blast furnaces named after Anne, Bess (Elizabeth), Victoria and Mary – loom over the British Steel works at Scunthorpe. Within days the queens could be under public ownership, after Keir Starmer on Monday promised legislation to nationalise the plant.“Strong nations in a world like this need to make steel,” Starmer said on Monday in a speech. The prime minister was hoping decisive action would fend off challenges to his leadership. Continue reading...
Hard decisions over a possible sale and future subsidies loom now full nationalisation is on the cardsExplainer: how did we get here, and what about the future?Full nationalisation of British Steel expected in king’s speech“One of the proudest things we have done in government,” said Keir Starmer in Monday’s big speech about the decision a year ago to recall parliament in order to take control of British Steel at Scunthorpe.It was an odd boast because last year’s action was merely an emergency exercise in saving the patient, as opposed to getting British Steel on its feet and out of the hospital. Taking control meant the Chinese owner, Jingye, could not turn off the two blast furnaces but meant the government was on the hook for operational losses, which will be £615m and counting by next month according to the National Audit Office (NAO). Continue reading...
The steelworks has been under government control for almost a year, but leglistation to nationalise it will be put forward this week.
PM makes series of policy pledges including seeking new deal with EU and says he will fight any challengeWho are the main threats to Keir Starmer’s Labour leadership?UK politics live – latest updatesKeir Starmer has said he will prove his doubters wrong as he warned Labour was facing “very dangerous opponents” in a make-or-break speech, with leadership rivals on the brink of a challenge.Starmer said he would fight any leadership challenge and would not walk away from his responsibilities as prime minister.British Steel would be formally nationalised this week by legislation.A new, wide-ranging deal with the EU including an ambitious youth mobility scheme.A guaranteed offer of a job training or work placement for young people. Continue reading...
PM makes series of policy pledges including seeking new deal with EU and says he will fight any challengeWho are the main threats to Keir Starmer’s Labour leadership?UK politics live – latest updatesKeir Starmer has said he will prove his doubters wrong as he warned Labour was facing “very dangerous opponents” in a make-or-break speech, with leadership rivals on the brink of a challenge.Starmer said he would fight any leadership challenge and would not “walk away” from his responsibilities as prime minister.British Steel would be formally nationalised this week by legislation.A new, wide-ranging deal with the EU including an ambitious youth mobility scheme.A guaranteed offer of a job training or work placement for young people. Continue reading...
Le sidérurgiste britannique est actuellement la propriété du groupe chinois Jingye.
PM promises to nationalise British Steel and rebuild relationship with Europe during his make-or-break speechBotterill says voters she spoke to during the campaign felt the country does not work for them. She is a working-class Yorkshire woman, she says. She knows that the opportunities she has enjoyed would not be there if if had not been for the achievements of Labour government.She says Labour is one of the best vehicles for changing the lives of working people that this county has ever known. Continue reading...
The steelworks has been under government control for almost a year, but leglistation to nationalise it will be put forward this week.
Keir Starmer has announced government plans to nationalise British Steel.
Keir Starmer has announced government plans to nationalise British Steel.
PM promises to nationalise British Steel and rebuild relationship with Europe during his make-or-break speechBotterill says voters she spoke to during the campaign felt the country does not work for them. She is a working-class Yorkshire woman, she says. She knows that the opportunities she has enjoyed would not be there if if had not been for the achievements of Labour government.She says Labour is one of the best vehicles for changing the lives of working people that this county has ever known. Continue reading...
Officials reportedly drafting legislation likely to safeguard Britain’s last blast furnaces and save thousands of jobs The full nationalisation of British Steel is expected to be announced in the King’s speech this week, a year after the government took over the daily running of the loss-making business from its Chinese owner.The steelmaker, which employs 3,500 people at its plant in Scunthorpe, came under government control last April amid fears that its owner Jingye was planning to shut down the site. Continue reading...
Officials reportedly drafting legislation likely to safeguard Britain’s last blast furnaces and save thousands of jobs The full nationalisation of British Steel is expected to be announced in the king’s speech this week, a year after the government took over the daily running of the loss-making business from its Chinese owner.The steelmaker, which employs 3,500 people at its plant in Scunthorpe, came under government control last April amid fears that its owner, Jingye, was planning to shut down the site. Continue reading...
Sev.en Global Investments, owned by Czech billionaire Pavel Tykač, has urged the UK government to find a single buyer for both British Steel and Speciality Steel UK, creating the country's largest steelmaker. The company, which already owns the UK's largest electric steelworks in Cardiff, plans to invest £100m initially with potential for hundreds of millions more. The government took control of British Steel last April from Chinese owners Jingye, and the official receiver took over SSUK from Liberty Steel in August. Sev.en's CEO said combining the businesses would require less taxpayer support and called for a thorough debate on the future of UK steel.
One year after the UK government intervened to save British Steel, the company's ownership remains unresolved. Labour MP Nic Dakin is calling for nationalization by summer if ongoing talks with current owner Jingye fail to secure the firm's future.
