After Jingye Steel Demands Compensation, UK Government: Determined to Nationalize British Steel in the Future
The UK government issued a statement on Thursday, asserting its firm resolve to nationalize British Steel in the future. Over the past few weeks, the government had announced plans to grant itself new powers to achieve this goal. A ministerial written statement said: "The current government is determined to use the powers granted by this bill to nationalize British Steel in the future, provided it serves the public interest."
On June 10, Jingye Steel Limited released a statement regarding the UK government's takeover and nationalization of British Steel, an investment made by Jingye Steel in the UK. The statement read: "Jingye has made multiple efforts and earnest appeals, urging the UK side to properly address the issues surrounding British Steel. However, the UK government has yet to provide reasonable compensation. Jingye has recently initiated consultation procedures under the bilateral investment treaty with the UK government, demanding that the UK government respect objective facts and provide timely, adequate, and effective compensation for Jingye’s investment losses in British Steel."
The company added: "Jingye simultaneously reserves the right to initiate further legal proceedings against relevant parties in accordance with international law and domestic law, exhausting all legitimate avenues and steadfastly protecting all its rightful interests."
British Steel has been under the control of the UK government since April 2025.
Source: rfi
Original: toutiao.com/article/1868357088965632/
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