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Fri, 12 Jun 2026

Fri, 12 Jun 2026 UK signals it may block payout to British Steel owner

Chinese firm Jingye is seeking compensation after the government decided to nationalise the company.

* Jingye Group, the Chinese owner of British Steel, has initiated consultation procedures under a bilateral investment treaty (BIT) with the UK government.
* The company is seeking compensation after the government nationalized the steelworks, citing losses of £700,000 per day.
* The Department for Business and Trade says any payout would be determined independently and only paid "if any, is payable".
* Jingye has expressed hope that the UK government will safeguard its legitimate rights and interests as a global investor.
* The company bought British Steel in 2020 but claims the business is no longer financially sustainable.
* The UK government has stated it will comply with international obligations and an independent valuer will be appointed to determine any compensation.