China warns UK over British Steel nationalisation, demands fair resolution
Summary
The UK government has taken full control of British Steel, a company previously owned by Chinese firm Jingye, citing national security reasons. China’s Foreign Ministry has expressed concern about the move and called for a fair solution, including compensation for Jingye.Key Facts
- British Steel was owned by Jingye, a large Chinese steel company, which bought it in 2020 for £70 million ($94 million).
- Jingye reported losing about £700,000 ($942,000) daily by 2025 through its investment in British Steel.
- The UK government nationalised British Steel to protect jobs, maintain steel supply, support infrastructure, and address national security.
- British Steel is the only steelmaker in the UK producing primary (new, not recycled) steel.
- British Steel employs around 2,700 people at its main plant in Scunthorpe and supports thousands more in related industries.
- China’s Ministry of Foreign Affairs said the UK’s handling of the situation affects Chinese investors’ confidence and called for compensation negotiations.
- Jingye had earlier stopped orders for key materials and warned about the financial unsustainability of British Steel’s furnaces.
- The UK government took operational control in April 2025 before officially nationalising the company in June.
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