Damages demanded over British Steel nationalisation

Jingye Steel has urged Britain to immediately stop "trampling on international investment rules" ⁠and to promptly, fully and effectively compensate the company for all investment losses incurred in the decision to nationalise British Steel. The British side "disregarded dedicated ⁠ongoing investment and significant contributions", ⁠offering "almost zero compensation", the Chinese company ⁠said in a statement on Sunday. The firm also pointed out that the United Kingdom had spent £377 million to operate British ⁠Steel as of the end of January, and expects that the amount would have exceeded £600 million by the end of June, with expenditures possibly exceeding £1.5 billion by ⁠2028. Beijing said it would closely monitor developments and will take appropriate measures to safeguard legitimate rights and interests if warranted. The UK government said on Thursday it had taken British Steel into full public ownership to "protect the future of steel production in the UK", after taking control from Jingye. (Reuters/AFP) Edited by Aaron Tam