UK · 19 July 2026
China demands UK compensation after British Steel nationalisation
The UK government is facing a demand for compensation from Jingye Group, the former Chinese owner of British Steel, due to investment losses sustained following the steel producer's nationalization last week. The UK government took control in 2025 after Jingye considered closing the Scunthorpe plant's blast furnaces. Jingye claims the nationalisation tarnished the UK's credibility, with China's Foreign Ministry urging the UK to respect market principles.
Reported by Independent · How we write briefs