China “firmly opposes and is strongly dissatisfied with the British government’s decision” about the nationalization of British Steel. The UK government said on Thursday that transferring the losing company to the public sector will preserve a “vital national capability” and protect jobs.
Although it was still controlled by China’s Jingye Group, the UK took over British Steel’s activities in Scunthorpe last year, which limited the government’s power to direct its future.
The actions “seriously infringed upon Jingye’s legitimate rights and interests and severely undermined the confidence of Chinese companies investing in the UK,” according to a statement released by China’s trade ministry on Friday. Additionally, it urged Britain to “faithfully fulfil” its responsibilities under the UK-China bilateral investment treaty.
The British side forcibly seized control of the company in the name of national security, ignoring Jingye’s substantial contribution to the UK economy and society, according to the ministry. The statement also said that Beijing would keep a close eye on developments and assist Chinese companies in defending their rights, although it made no mention of what that might entail.
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