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Chinese firm demands compensation for British Steel takeover
The UK government has nationalized British Steel to safeguard the country's vital steel production, after the Chinese firm Jingye Group, the former owner, announced plans to close the loss-making plant. Jingye is seeking legal compensation for the nationalization, which occurred a year after the government took control of the Scunthorpe steelworks. China has strongly opposed the move, stating it infringes on its rights and damages investment confidence, while the UK plans to establish a process for determining compensation through an independent assessment. The steelworks employs around 2,700 people and is critical to the UK’s steel industry.
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