Jingye Group demands compensation over British Steel's nationalisation

The Jingye Group headquartered in Hebei Province demands Britain to fully compensate the company for all investment losses arising from its decision to nationalise British Steel.

The move comes after the UK announced taking operational control over the loss-making British Steel on national security grounds that stripped the Chinese private steelmaker of ownership of the firm it acquired in 2020.

Jingye says in a statement Sunday the nationalisation has "disregarded dedicated ongoing investment and significant contributions," spooked international investors and tarnished the credibility of the British government.

According to the Chinese group, it has injected funds that created and supported tens of thousands of jobs locally over the past five years, and returned British Steel to profitability through internal restructuring and operational improvements.

It says it has initiated negotiation procedures, reserving all rights, including to international arbitration.

Authorities in Beijing say they would closely monitor the developments and pledge to take appropriate measures to safeguard legitimate rights and interests if warranted.