Great Britain - Latest news GMK Center

A Chinese company is calling on the British government to compensate it for its investment losses relating to an asset that was nationalised

Beijing is demanding ‘fair treatment’ for what is now a former asset of the Chinese company Jingye Steel

The relevant agreement came into force on 15 July

The former owner — Jingye Group — is demanding adequate compensation from the British government for the seized asset

At the same time, the British government has recently published a revised policy on the procurement of steel under government contracts

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

The parties’ protective measures will complicate trade between the two closely integrated markets

Steel imports from Ukraine will continue to be excluded from UK tariff quotas

New tariffs threaten to cost 30,000 jobs

The British Chamber of Commerce and Industry sees risks for the construction, engineering and manufacturing sectors

The Indian side has announced that its concerns regarding the steel trade have been taken into account

Leading business associations claim that the new measures will significantly undermine the competitiveness of British manufacturers