Foreign media: Jingtai Group seeks compensation over the nationalization of UK Steel. Jingtai Group acquired the Lincolnshire steel plant in 2020, but due to daily losses of £700,000, it initiated closure consultations in March last year. The UK government took over operations in April 2025 and has recently completed full nationalization to safeguard "critical national capabilities."
Jingtai Group stated it will pursue "full compensation" through legal means. The UK government said a draft compensation regulation will be published this autumn, with the amount to be determined by an independent assessor.
China strongly opposes the decision, stating it seriously infringes upon Jingtai’s rights and undermines confidence of Chinese enterprises in investing in the UK.
The steel plant employs around 2,700 people. A March report from the UK National Audit Office revealed that maintaining operations costs the government approximately £1.3 million per day. The Business Secretary stated that closing the plant would result in the UK losing its primary steel production capacity.
Original article: toutiao.com/article/1871153172761612/
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