Jingye Steel seeks UK compensation over British Steel takeover
6 reported
China’s Jingye Steel is seeking compensation from the UK government over its takeover and the future nationalisation of British Steel, according to a statement on WeChat. The company wants Britain to compensate it for losses incurred through its investment in British Steel, which the UK government took operational control of in April 2025. Jingye stated it has initiated consultation procedures under the bilateral investment treaty with the UK government. Last month’s King’s Speech included plans for a Steel Industry (Nationalisation) Bill to safeguard domestic steel production. Jingye bought British Steel out of receivership in 2020, but in 2025 it announced it would shut the steelworks at Scunthorpe, prompting Prime Minister Starmer to step in and seize control. Jingye then began trying to recover hundreds of millions of pounds of loans it had made to the company, as well as compensation for the cost of upgrading British Steel’s equipment. The company also expressed hope that the UK government will fully safeguard the legitimate rights and interests of Jingye and other Chinese companies as well as global investors.
What’s reported
Jingye Steel is seeking compensation from the UK government over the takeover and future nationalisation of British Steel.
The UK government took operational control of British Steel in April 2025.
Jingye initiated consultation procedures under the bilateral investment treaty with the UK government.
Last month’s King’s Speech included plans for a Steel Industry (Nationalisation) Bill.
Jingye bought British Steel out of receivership in 2020, but in 2025 announced it would shut the steelworks at Scunthorpe, prompting Starmer to seize control.
Jingye is trying to recover hundreds of millions of pounds of loans and compensation for equipment upgrades.
Key figures
Jingye Steel (company)
UK government
Prime Minister Starmer (mentioned as stepping in to seize control)
Sources: The Guardian
