British Steel Compensation Row

Jingye Group, the Chinese former owner of British Steel, said it will seek compensation from the U.K. government for investment losses after British Steel was brought into public ownership last week. The government had taken operational control last year after Jingye said it was considering closing the blast furnaces at the Scunthorpe plant in northern England. Ministers said nationalisation would protect steel production, jobs and a “vital national capability”; the Scunthorpe intervention was aimed at preventing the loss of 4,000 jobs. China’s government said it “firmly opposes” and is “strongly dissatisfied” with the decision.