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China’s Jingye Steel has urged Britain to immediately stop “trampling on international investment rules” and to promptly, fully and effectively compensate the company for all investment losses incurred in the decision to nationalise British Steel.
The British side “disregarded dedicated ongoing investment and significant contributions”, offering “almost zero compensation”, Jingye said in a statement yesterday.
The company also pointed out that the United Kingdom had spent £377 million ($507.18m) to operate British Steel as of the end of January, and expects that the amount would have exceeded £600m by the end of June, with expenditures possibly exceeding £1.5 billion by 2028.
China said it would closely monitor developments and will take appropriate measures to safeguard legitimate rights and interests if warranted.
The UK took control of the Scunthorpe steelworks a year ago after China’s Jingye Group said it planned to close the site because it was not financially viable, and fully nationalised the plant on Thursday.
Jingye bought the steel plant in 2020, but in March last year the firm launched a consultation on its closure saying the plant was losing £700,000 a day.
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