China's Jingye Demands More Than £1.5B Over British Steel Nationalization
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.
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101 Articles
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China’s Jingye Steel is seeking compensation from the British government over the nationalization of its former steel production complex in England, further straining relations between London and Beijing. The UK government brought British Steel under the state’s control last year and took full ownership last week, citing national security considerations after Jingye, the former owner, said it planned to close the site because of financial reason…
Chinese Steel Giant Jingye Group Threatens Legal Action Over UK Nationalization Of British Steel
Jingye Group, the Chinese owner of British Steel, has demanded full compensation from the UK government, describing the forced nationalization of its subsidiary as “outright robbery.” The UK government took operational control of British Steel last year after Jingye warned that Britain’s last facility capable of producing steel from raw materials was no longer financially viable. In a statement published on social media, Jingye accused UK minist…
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