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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.
- The British government announced the nationalization of British Steel on July 17 to secure domestic production and protect critical industrial jobs, with Business Secretary Peter Kyle stating the move was essential for maintaining national steelmaking capability.
- Ministers intervened after failing to reach an agreement with Jingye Group to secure the company's future, as the government previously took operational control last year when the firm considered closing the Scunthorpe plant's blast furnaces.
- British Steel and its forebears have operated at Scunthorpe for more than 130 years, supporting about 2,700 employees, and MP Michelle Scrogham welcomed the announcement, calling it a "vital national capability."
- 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.
- 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 compensation.
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The Asian company will also demand legal liability from British officials and British Steel managers involved.
·Madrid, Spain
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Associated Press News+6 Reposted by 6 other sources
Chinese company demands compensation from the UK over British Steel nationalization
Jingye Group, the former owner of British Steel, has demanded compensation from the U.K. government for investment losses after the company's nationalization last week.
·New York, United States
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Chinese steelmaker Jingye Steel on Sunday threatened the British government with legal action after the UK nationalisation of the British Steel group, which was previously owned by the Chinese company.
·Paris, France
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Coverage Details
Total News Sources32
Leaning Left12Leaning Right4Center5Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 24%
R 19%
Factuality
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