Chinese firm Jingye Group is demanding compensation from the UK government for investment losses following the nationalisation of British Steel, stating the move damaged credibility and international investment rules. Jingye has initiated negotiation procedures and reserves the right to international arbitration.
China condemned the UK's nationalization of British Steel, expressing strong dissatisfaction and warning it damaged Chinese companies' investment confidence. The UK government took operational control of the Scunthorpe plant to protect jobs and national capability after owner Jingye considered closing blast furnaces.
Jingye Group demands compensation from the UK government, calling the nationalization of its subsidiary, British Steel, "outright robbery" and threatening legal action. The UK government took control citing national security, strategic steel supplies, and job protection, with an independent valuer now assessing compensation.
