Chinese Firm Demands UK Compensation over Steel Mill

The Chinese corporation Jingye Steel has strongly called on the United Kingdom to stop flouting international investment rules and to promptly and fully compensate it for all financial losses. The losses were incurred as a result of the British government's decision to nationalize British Steel, which the company owned.

In a statement released on Sunday, the Chinese investor noted that the British side had completely ignored its ongoing investments and contributions to date, while offering "almost zero compensation" for the takeover of the company.

Jingye Steel also highlighted the enormous financial burden this move places on British taxpayers. According to its data, the United Kingdom had spent £377m ($507m) on British Steel's operations by the end of January. The Chinese estimate that this amount will exceed £600m ($807m) by the end of June, and that by 2028, total government spending on the steel mills could climb to more than £1.5bn ($2.02bn).

Beijing itself has also become involved in the dispute, stating that it will closely monitor the situation and, if necessary, take appropriate measures to protect the legitimate rights and interests of its investors.

(Reuters, Max)