CHINA CRITICISES BRITISH STEEL MOVE – Beijing condemns UK’s decision to nationalise British Steel, warning it could damage investor confidence
China has criticised the UK government’s decision to nationalise British Steel, accusing ministers of undermining Chinese investment and violating the rights of the company’s former owner, Jingye Group.
Beijing said it was “strongly dissatisfied” with the move, arguing that taking control of the Scunthorpe steelworks in the name of national security had infringed Jingye’s legitimate interests and damaged confidence among Chinese investors.
The UK government announced on Thursday that British Steel would be brought into public ownership to protect thousands of jobs and preserve what it described as a vital national industry after taking operational control of the company last year.
The dispute risks adding tension to relations between London and Beijing, with Prime Minister-designate Andy Burnham expected to inherit the issue when he takes office on Monday. China has urged Britain to honour its obligations under the long-standing China–UK Bilateral Investment Treaty.
