Jingye Group demands full compensation from the United Kingdom government following the nationalisation of the British Steel plant.
Jingye Group has demanded that the United Kingdom government provide full compensation for investment losses following the nationalisation of British Steel. The Chinese company expressed dissatisfaction with the move, accusing the UK of "trampling on international investment rules" and offering "almost zero compensation" for its significant contributions. The Department for Business and Trade announced the nationalisation to protect the nation’s steelmaking capacity and ensure a domestic supply for the defense industry and major construction projects. While the Scunthorpe plant was losing money under private ownership, Business Secretary Peter Kyle stated that closing the site was not an option because it would leave the country entirely dependent on global supplies. China's Ministry of Commerce warned that the decision "seriously undermined" Chinese investor confidence in the UK. The government plans to release draft compensation regulations this autumn, which will allow an independent assessor to determine the final payout. The dispute arrives as the UK prepares for a potential leadership transition, potentially starting the next term with a standoff with China.