China warns UK over British Steel nationalisation, demands fair resolution
China warns UK over British Steel nationalisation, demands fair resolution Chinese company Jingye is seeking compensation after the UK’s move to fully...
Key points
- China warns UK over British Steel nationalisation, demands fair resolution Chinese company Jingye is seeking compensation after the UK’s move to fully nationalise loss-making British Steel.
- China’s Ministry of Foreign Affairs has said it will closely monitor the United Kingdom’s nationalisation of British Steel, previously owned by a Chinese steelmaker.
- The UK government nationalised British Steel on Thursday, fully taking over the loss-making company, then under the ownership of Jingye, on national security grounds.
- Jingye Steel said last week it wants Britain to compensate it for losses incurred through its investment in British Steel.
What happened
China warns UK over British Steel nationalisation, demands fair resolution Chinese company Jingye is seeking compensation after the UK’s move to fully nationalise loss-making British Steel. China’s Ministry of Foreign Affairs has said it will closely monitor the United Kingdom’s nationalisation of British Steel, previously owned by a Chinese steelmaker. The UK government nationalised British Steel on Thursday, fully taking over the loss-making company, then under the ownership of Jingye, on national security grounds. Jingye Steel said last week it wants Britain to compensate it for losses incurred through its investment in British Steel. Jingye – which is among the 100 biggest companies in China – bought British Steel for 70 million pounds ($94m) in 2020. In April, the UK government took operational control of British Steel from Jingye to stop that from happening, although the Chinese company retained ownership.