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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly and agencies

China’s Jingye seeks compensation from UK over British Steel takeover

British Steel Jingye United Kingdom China Sir Keir Starmer
British Steel works in Scunthorpe
The UK government nationalised the British Steel works, fearing its closure would put up to 2,700 jobs at risk. Photograph: Ryan Jenkinson/Getty Images

The Chinese owner of British Steel has started a formal process under an international treaty to win compensation from the UK government over its decision to nationalise the Scunthorpe steelworks.

Jingye Steel said it would seek to recover money via China’s bilateral investment treaty with the UK, after more than a year of negotiations over the size of any payout. The dispute could put pressure on the relationship between China and the UK.

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