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Sun, 19 Jul 2026

Sun, 19 Jul 2026 Chinese firm seeks compensation over British Steel nationalisation

Jingye said it will take action "through legal means to the very end" after the UK government nationalised British Steel.

* Jingye Group, former owner of British Steel, will pursue UK government for compensation after nationalisation
* UK government says draft compensation regulations will be released in autumn, setting out a process through which an independent assessor will determine what, if any, compensation is payable
* China's commerce ministry has condemned the nationalisation as "serious infringement" on Jingye's rights and interests
* UK government claims that commercial negotiations with Chinese steelmaker failed to reach agreement that represented value to taxpayer
* British Steel employs 2,700 people and supports other industries in North Lincolnshire, but has faced significant uncertainty over last few years
* Business Secretary Peter Kyle says letting operation close was not an option, and government will continue to cover running costs "for the immediate future"