China presses UK for fair remedy after British Steel nationalisation
China says it will closely monitor the UK's decision to nationalise British Steel, urging a mutually acceptable resolution and compensation for Jingye's losses from the investment. Jingye, the Chinese owner, seeks compensation after buying British Steel in 2020; the UK moved to nationalise the loss-making firm on security grounds to protect jobs and supply chains. British Steel employs about 2,700 at its Scunthorpe works with thousands more in the wider chain, and Jingye has reported losses of roughly 700,000 pounds per day by 2025. The Chinese stance underscores how Britain’s handling of the move could affect Chinese investors’ confidence in the UK.
