Chinese Company Demands Compensation From U.K. over British Steel Nationalization
4 Articles
4 Articles
British Steel Takeover Could Trigger Western Domino Effect to Slash China Reliance: Experts
The UK’s recent nationalization of Chinese-owned British Steel could trigger a Western domino effect to safeguard critical supply chains and slash economic reliance on China, experts say. British Steel’s former parent company, Jingye Group, a Chinese steel conglomerate with close ties to Beijing, claimed in a July 19 statement that the British government “unlawfully expropriated Jingye’s assets.” The company demanded that London “provide prompt,…
Every day, 1.5 million euros in subsidies goes to the last British steel plant with blast furnaces. Now the United Kingdom is taking over the plant...
On July 16, the British government announced it would nationalize British Steel to protect jobs and defend a "critical national capability." The Chinese government expressed its dissatisfaction because the company's parent company is the privately-owned Jingye Group. Jingye Group stated it would seek compensation from the British government, but the British government hinted that the compensation might be zero.
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