China disapproves of British Steel nationalisation decision by UK
The government said the takeover will secure 2,700 jobs and keep the country’s last primary steelmaking site supplying rail, construction and defense industries.
- The UK nationalised British Steel's Scunthorpe steelworks from Chinese owner Jingye Group, citing strategic importance and saving 4,000 jobs despite the company's unprofitability and debt.
- The nationalisation followed concerns that Jingye intended to shut down blast furnaces, which are costly and difficult to restart once turned off.
- China strongly opposes the UK's takeover, claiming it disregards Jingye's contributions and harms the rights of Chinese companies, urging Britain to honor the China-UK Investment Protection Agreement.
- Political parties in the UK disagree on the future of steel production; Labour plans to replace blast furnaces with electric arc furnaces for environmental reasons, while Reform UK advocates modernising blast furnaces and reopening coal mines to maintain high-quality steel production.
39 Articles
39 Articles
China reacted sharply on Friday to the British government's decision to nationalize British Steel, calling the move a violation of the rights of Chinese owner Jingye Group and warning of the impact on Chinese investor confidence in the United Kingdom. The British government announced on Thursday that the nationalization was to protect thousands of jobs and preserve strategically important capacity in the British steel industry.
China Condemns UK Nationalization of British Steel, Says Move Violates Investor Rights
Beijing's Ministry of Commerce said the formal transfer of British Steel to public ownership on July 16 violated the China-UK Investment Protection Agreement and damaged Chinese investor confidence in the UK
China "firmly opposes" the nationalization of steelmaker British Steel decided by the British government, it said on Friday, July 17, urging the United Kingdom to "respect international rules".
China stated on Friday (17) that it strongly opposes and strongly disapprove of the UK's decision to nationalise British Steel and called for fair treatment for Chinese companies in the country. The UK nationalized British Steel on Thursday, taking full control of the deficit company that formerly belonged to the Chinese steel company Jingye, in an effort to protect the future of steel production in the country. The UK government took over the c…
Coverage Details
Bias Distribution
- 35% of the sources lean Left, 35% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
