China rebukes UK over nationalisation of British Steel
Summary
The UK government took full ownership of British Steel, a major steel producer, to protect national interests after the company was losing money. China criticized this move, saying it harms Chinese investors’ confidence and violates agreements.Key Facts
- British Steel is the only primary steel producer in the UK and supports about 2,700 jobs.
- The Chinese company Jingye bought British Steel in 2020 for £70 million ($94 million).
- Jingye was losing about £700,000 ($942,000) daily by 2025.
- In early 2025, Jingye said the steel furnaces were not financially sustainable and stopped key material orders.
- The UK government took operational control of British Steel in April 2025 and fully nationalized it in June 2025.
- The UK plans to appoint an independent valuer to decide if Jingye should be compensated.
- China’s Ministry of Commerce said the nationalisation harmed Jingye’s rights and Chinese companies’ confidence in the UK.
- China urges the UK to respect the China-UK Investment Protection Agreement and protect Chinese investors’ rights.
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