Exclusive
Bangladesh’s ousted dictator vows to return home Bangladesh’s ousted dictator vows to return home Vietnam’s Evolving Strategy in a Challenging Indo-Pacific Vietnam’s Evolving Strategy in a Challenging Indo-Pacific Kazakhstan alleges Big Oil corruption tainted $10.7 billion in contracts, delayed key oil project  Kazakhstan alleges Big Oil corruption tainted $10.7 billion in contracts, delayed key oil project 
Current Affairs

Chinese company demands compensation from the UK over British Steel nationalisation

The Chinese company that formerly owned British Steel demanded on Sunday compensation from the UK government for investment losses following the nationalisation of the manufacturer…

By Samantha Johnson / July 19, 2026

The Chinese company that formerly owned British Steel demanded on Sunday compensation from the UK government for investment losses following the nationalisation of the manufacturer last week.

The British government took operational control of the company last year after Jingye Group said it was considering closing the blast furnaces at its Scunthorpe plant in northern England, the last in the United Kingdom to make “virgin steel” from raw materials.

Jingye Group said in a WeChat statement that the nationalisation move tarnished the credibility of the British government, spooked international investors and caused great losses to the company’s operations and British taxpayers’ funds. It also demanded that the UK government stop “trampling on international investment rules”.

The Chinese company announced it had initiated negotiation procedures under relevant bilateral investment agreements, reserving all rights, including the right to international arbitration. Jingye said it will also represent British taxpayers seeking to hold the UK government and British Steel’s management legally liable. However, it did not specify how it would handle the case.

“The UK disregarded Jingye’s continuous investment and significant contribution and was only willing to provide almost zero compensation,” it said.

An independent evaluation will be carried out to determine whether any compensation will be paid to Jingye Group, the UK government said last week.

Don't Miss: