Jingye Accuses UK of Stealing Steel
Chinese steel company Jingye has declared that the British government's decision to nationalize British Steel constitutes illegal expropriation and a forced takeover of its investments. The company announced that it is reserving all legal rights, including resorting to international arbitration. Jingye previously rescued British Steel from bankruptcy in 2020 and invested heavily in it. The company pointed out that the British government is taking control of the firm after losses exceeding one million pounds per day, efforts aimed at maintaining the operation of its main factories. Jingye intends to seek compensation for the damages resulting from this action, while reports suggest that government spending on the company could surpass 1.5 billion pounds by 2028.
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