Jinyi China Considers Legal Action Over Steel Nationalization
The Chinese company "Jinyi Steel" rejected the British government's decision to nationalize "British Steel," which it has owned and co-operated since 2020. The company confirmed that it will pursue international legal procedures to seek full compensation for the losses resulting from the illegal expropriation. It stated that the British government forcibly seized the company through unlawful means and unlawfully acquired its investments. It is worth noting that the British government seized the company to maintain the Scunthorpe plant, the last steel production site in the UK, aiming to secure the future of the industry and preserve jobs, while relinquishing ownership of the company to China. The government sought to accelerate its restructuring to attract new investors.
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