Jingye Steel will insist on full compensation for the takeover of British Steel

The company notes that, following the acquisition, it has made significant investments in the asset

China’s Jingye Steel has stated that it will demand prompt, adequate and effective compensation from the British government for its investment in British Steel. This was reported by Reuters, citing a statement by the company on WeChat.

Jingye Steel published its first public response on this matter in June, demanding compensation from the UK 14 months after the government took control of British Steel.

In its new statement, the Chinese owner notes that the British authorities have not yet provided Jingye with any substantive response on this matter.

“These extreme, escalatory measures — ranging from a forced takeover to outright expropriation — fully underscore the profound value of British Steel,” the statement added.

Jingye completed the acquisition of British Steel in 2020. According to the Chinese company, significant investments have since been made in modernising equipment, safeguarding jobs and the green transition.

“We are determined to secure a full return on these investments without compromise,” the statement reads.

The UK gained operational control of British Steel in April 2025, citing national security concerns. According to plans announced in May, the government may fully nationalise the business.

It should be recalled that in May, China warned London against nationalising British Steel. Beijing called on the British government to “make prudent decisions” regarding these plans and to respect “the wishes of companies and market principles, whilst avoiding the abuse of administrative coercive measures”. The Chinese Ministry of Commerce stated that it would closely monitor developments.