Employees work at a British Steel site in Britain. REUTERS
The United Kingdom's nationalization of British Steel, previously owned by China's Jingye Group, has drawn strong responses from the Chinese government and industry experts, who said the move undermines market principles and investor confidence while reflecting a broader global shift toward prioritizing industrial security.
Jingye Group, which acquired the loss-making steelmaker in 2020, said it had invested heavily over the past five years to upgrade facilities, improve technology and maintain operations despite prolonged financial pressure.
Following the nationalization, the company said on Sunday that it would pursue all available legal remedies, including international arbitration, to safeguard its lawful rights.
According to Jingye, the UK government proceeded with the takeover without providing timely, adequate and effective compensation for its investment. The company said it has initiated consultations under the China-UK bilateral investment treaty and reserves the right to seek full compensation for its losses.
