Jingye Seeks £1.5 Billion From UK Over British Steel Takeover
Updated
Updated · DW (English) · Jul 19
Jingye Seeks £1.5 Billion From UK Over British Steel Takeover
3 articles · Updated · DW (English) · Jul 19
Summary
Jingye said Saturday it has started a procedure under bilateral investment agreements to pursue full compensation from Britain, calling the takeover of British Steel "outright robbery" and threatening legal action.
The Chinese group said ministers ignored its investment and offered almost zero compensation, adding the nationalization could cost UK taxpayers more than £1.5 billion by 2028.
Britain first took operational control after Jingye planned to close Scunthorpe's blast furnaces, a move that risked ending the UK's ability to make primary steel from raw materials.
Parliament has now cleared full public ownership of British Steel, with an independent valuer set to decide whether any compensation is payable to Jingye.
Scunthorpe employs about 2,700 people and is central to supplies for construction, rail and defense, underscoring why ministers framed the intervention as a national security move.