Media: UK Plans to Nationalize British Steel Company Owned by Chinese Investment
According to sources cited by the Financial Times, the UK government is considering nationalizing the struggling steel company, British Steel, which is nominally owned by China's Jingsheng Group despite being under government control.
Since April last year, the company has been under temporary government management after facing the threat of closure due to losses. Previously, Jingsheng Group rejected a sale offer worth £100 million (approximately $132 million).
The Financial Times reported: "After nearly a year of emergency legislation taking over the firm, the UK government is on the verge of fully nationalizing British Steel."
According to sources, the government is considering implementing nationalization through special legislation. Notably, the company was recently designated as a "strategic national asset," which could facilitate its nationalization from a national security perspective.
Sources also indicated that negotiations with Jingsheng Group regarding a potential sale are still ongoing.
In April of last year, the UK Parliament passed an emergency bill aimed at maintaining operations at the largest plant of British Steel, which faced collapse due to financial distress. China's Foreign Ministry spokesperson Lin Jian subsequently stated that issues concerning British Steel should be resolved through mutual benefit and principles of cooperation. China urged the UK to genuinely protect the legitimate rights and interests of Chinese enterprises operating in the country.
Original article: toutiao.com/article/1861109351805962/
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