Beijing objects to nationalization of British Steel

China's Ministry of Commerce has expressed opposition to the British government's nationalization of British Steel, saying the move seriously harms the legitimate rights and interests of its Chinese owner Jingye Group, and undermines the confidence of Chinese companies investing in the United Kingdom.

The ministry issued the remarks via a statement on Friday after the UK government announced on Thursday that it had completed the nationalization of British Steel after relevant legislation came into force.

British Steel had been loss-making for years before it was acquired by Hebei province-based Jingye Group in 2020. According to the statement, Jingye injected substantial capital into the company, enabling it to continue operating and preserve jobs.

The Ministry of Commerce urged the British government to abide by relevant international rules, fulfill its obligations under the China-UK bilateral investment treaty, treat Chinese-invested companies in the UK fairly and impartially, and fully safeguard their lawful rights and interests.

The ministry added that Beijing will closely monitor developments, support Chinese companies in defending their rights through legal means, and take firm measures to safeguard the legitimate interests of Chinese businesses.