Jingye Steel: Urgently Call on the UK Government to Immediately Cease Violating International Investment Rules through Domestic Law
Regarding the UK government's forced nationalization and illegal expropriation of British Steel Limited, a subsidiary of Jingye Steel Co., Ltd., the company issued a statement on the 19th, sternly warning the UK government to immediately halt its conduct of undermining international investment rules through domestic legislation.
The statement pointed out that in 2020, British Steel was on the brink of bankruptcy. Jingye stepped in with assistance, legally acquiring British Steel and rescuing this century-old steel enterprise from crisis. Within just one year after acquisition, Jingye achieved profitability through internal reforms and operational optimization. Over the past five years, Jingye has continuously invested substantial funds to upgrade equipment, innovate technology, pay full taxes, create tens of thousands of local jobs, and drive vigorous development of communities and related industries. Despite major challenges including the pandemic, Brexit, the Russia-Ukraine war, and soaring inflation, Jingye has consistently honored its commitments—donating supplies to support employees during difficult times, maintaining stable operations, ensuring full salary payments without layoffs or unpaid wages—keeping promises worth a thousand gold pieces. Through concrete actions, Jingye has made significant contributions to the survival, development of British Steel, and the revitalization of the UK’s steel industry.
The statement said that since Jingye’s acquisition of British Steel, the UK government has shifted from "promising joint investment" to "refusing fulfillment," from "forced takeover" to "full-scale nationalization"—broken promises, trampled laws, and blatant breach of trust are now evident. Despite Jingye’s continuous investments and enormous contributions, the UK side is only willing to offer compensation nearly equivalent to zero.
The statement reads: “Those who harm others will ultimately harm themselves; those who break faith will inevitably face retribution. According to a report by the UK National Audit Office, as of early January 2026, the UK government had already spent £377 million on British Steel’s operations, with expected expenditures exceeding £600 million by end-June, and potentially surpassing £1.5 billion by 2028.”
The statement emphasized: “The UK government’s actions are nothing short of naked plunder and an open violation of international rule of law. What the UK government has done to Jingye today destroys its own credibility, freezes the hearts of global investors, and undermines the very foundation upon which a rule-of-law nation stands. If the rule of law has come to this state, who would dare continue investing in the UK?”
The statement affirmed that Jingye reserves all legal rights and firmly defends its legitimate interests, pursuing full legal compensation. The rule of law must not be violated, and contractual spirit must not be desecrated. Jingye warns the UK government:
1. Immediately cease violating international investment rules through domestic law, and promptly, fully, and effectively compensate Jingye for all investment losses.
2. Every investment made by Jingye is traceable and verifiable—each will be fully reclaimed without exception. Jingye has already initiated consultation procedures under relevant bilateral investment treaties and reserves all legal rights, including international arbitration, without compromise.
3. Jingye represents the interests of UK taxpayers. It will hold accountable relevant government officials and British Steel management for their legal responsibilities due to the hasty takeover of British Steel without adequate preparation or operational plans, resulting in massive losses to taxpayer funds and corporate operations.
Previously, on July 16, the UK government announced it had nationalized British Steel under the *Steel Industry (Nationalization) Act*, and would establish a compensation mechanism via subordinate legislation, with independent assessment of compensation matters.
China’s Foreign Ministry spokesperson responded that this matter has drawn high attention from Chinese citizens. How the UK handles this issue will directly affect Chinese investors’ perception of the UK investment environment and influence public views on the credibility of the UK government. China and the UK have signed an investment protection agreement, and investors’ legitimate and lawful rights and interests must be fully protected under law. China urges the UK to genuinely respect market principles and contractual spirit, and find a mutually acceptable solution—including compensation—through dialogue. China supports enterprises in safeguarding their rights through legal means and is closely monitoring developments, ready to take protective measures when necessary.
Original article: toutiao.com/article/1871119371522057/
Disclaimer: The views expressed in this article are solely those of the author.