Jingye demands compensation after UK nationalises steel

The Chinese company that formerly owned British Steel demanded compensation from the U.K. government on Sunday, July 19, 2026, following the manufacturer's nationalization. Jingye Group accused the British government of causing significant investment losses and damaging its credibility with international investors.

The U.K. government formally nationalized British Steel on July 16, 2026, taking full control of the Scunthorpe plant, the country's last primary steelmaking facility. The government had initially assumed operational control in 2025 after Jingye signaled plans to close the plant's blast furnaces, citing unsustainable daily operational losses. The Department for Business and Trade announced the nationalization on July 17, stating the move would save thousands of jobs and protect the national interest by securing a domestic steel supply for major construction and defense projects.

In a statement, Jingye Group claimed the U.K. government disregarded its continuous investment and offered "almost zero compensation." The company said the nationalization "tarnished the credibility of the British government, spooked international investors and caused great losses to the...