China’s Jingye demands payout over British Steel nationalisation

The Chinese company that formerly owned British Steel demanded Sunday compensation from the U.K. government for investment losses following the nationalization of the manufacturer last week.

The UK government nationalised British Steel on Thursday, fully taking over the loss-making company, then under the ownership of Jingye, on national security grounds.

Jingye, which bought British Steel in 2020, lost control of it last year when the U.K. government intervened at the struggling firm.

The spokesperson made the remarks on Saturday when asked to comment on the UK's move to nationalize British Steel.