Media in the UK: UK to Nationalize British Steel, China Expresses Strong Dissatisfaction
The UK government announced that it will take over the struggling British Steel (British Steel) company and place it under state ownership, stating the move aims to protect around 2,700 jobs and maintain the critical industrial capacity of the Scunthorpe steel plant. Previously, the UK had already taken operational control of the Scunthorpe facility last year, but ownership of the company remained with China's Jingye Group.
China responded by stating that the UK's decision "seriously infringes" upon the legitimate rights and interests of the Jingye Group and "seriously undermines" confidence among Chinese enterprises investing in the UK, while urging the UK to fully fulfill its obligations under the China-UK Bilateral Investment Protection Agreement. China said it will closely monitor developments and support Chinese enterprises in legally safeguarding their own rights, though it did not specify what concrete measures would be taken.
The UK Parliament recently passed legislation allowing the government to nationalize steel companies when deemed necessary for public interest.
Jingye Group previously claimed the business was losing £700,000 per day and is seeking compensation; the UK government said it will hire an independent assessment body this autumn to determine compensation matters, although the compensation amount could even be zero.
Original source: toutiao.com/article/1870973940257804/
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