China says it will take measures on UK's nationalisation of British Steel
The move aims to secure long-term steel production and protect 2,700 jobs, while Jingye pursues compensation and arbitration.
- On Friday, the British government announced the nationalization of British Steel to secure domestic steel production and protect about 2,700 jobs at the Scunthorpe plant, with Business Secretary Peter Kyle calling the move essential for maintaining national steelmaking capability.
- Ministers intervened after failing to reach an agreement with Jingye Group to secure the company's future, following the government's operational control last year when the firm considered closing the Scunthorpe plant's blast furnaces, the last in the United Kingdom making virgin steel.
- British Steel and its forebears have operated at Scunthorpe for more than 130 years, supporting about 2,700 employees, while MP Michelle Scrogham welcomed the announcement, calling the facility a "vital national capability" essential for future defense and infrastructure programs.
- Jingye Group demanded compensation on Sunday for investment losses, accusing the British government of "trampling on international investment rules" and claiming the nationalization tarnished the United Kingdom's credibility and spooked international investors.
- The Chinese Foreign Ministry stated on Saturday that the United Kingdom's handling of this matter will influence how Chinese investors view the investment environment, while the British government confirmed an independent evaluation will determine if any compensation is payable to Jingye.
74 Articles
74 Articles
Jingye demands UK compensation over steel nationalization
The Chinese company that formerly owned British Steel Ltd yesterday demanded compensation from the British government for investment losses following the nationalization of the manufacturer last week. The British government took operational control of the company last year after Jingye Group Co (敬業集
In 2020, the Chinese company Jingye Steel acquires English steel works. Last year, the British government takes over control again and nationalizes the plant, causing threats and harsh criticism from China.
Chinese firm seeks compensation after UK nationalizes British Steel
London, July 20 (SANA) China’s Jingye Group said on Sunday it would pursue legal action to seek full compensation from the British government after the nationalization of British Steel, following London’s decision to take full ownership of the loss-making company. In a statement, Jingye said it would seek “full compensation through legal means to the very end,” after the British government completed the nationalization of the Scunthorpe steelwor…
Chinese company: U.K. owes compensation over British Steel nationalization
The British government took operational control of the company last year after Jingye Group said that it was considering closing the blast furnaces at its Scunthorpe plant in northern England, the last in the United Kingdom to make “virgin steel” from raw materials.
China firm seeks damages over state control of British Steel
The UK government took over British Steel last year to prevent the closure of the country's last primary steelmaking facility. China's Jingye Group, which bought the firm in 2020, claims it is owed compensation.
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